Shortage of cash
This query is : Resolved
13 May 2014
my friend purchase a car for 25 lakh and pay the amount 15 lakh through loan and 10 lakh from cash in black. how I can cover 10 lakh. is any option under income tax like gift or loan. friend is not covered in.audit
Sandeep Dharar
(Expert)
13 May 2014
No shruti u can show it as loan but u must provide interest on it.
Rupesh Jain
(Expert)
14 May 2014
INTT ON CAR LOAN NOT DEDUCTABLE UNDER INCOME TAX
AS INDIVIDUAL
AS INDIVIDUAL
Sandeep Dharar
(Expert)
14 May 2014
Rupesh she is asking only about the treatment n not what if the interest is allowed or not.
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