Taxability of loan
This query is : Resolved
04 February 2009
individual person receiving professional income.
suppose he take loan in the name his dependent parents.
such loan payment is done by his son from his account.
can his son claim interest and depreciation from his professional income or it can be claim by his parents
suppose he take loan in the name his dependent parents.
such loan payment is done by his son from his account.
can his son claim interest and depreciation from his professional income or it can be claim by his parents
04 February 2009
If the loan is in the name of the parent eventhough he is paying it, it cannto be claimed.
However what you shuld have done was when the parten has got the loan he should have issued a cheque to the son and a pronote has to be executed.
Then son can claim the amount which he pays to the father.
However what you shuld have done was when the parten has got the loan he should have issued a cheque to the son and a pronote has to be executed.
Then son can claim the amount which he pays to the father.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CLOSING STOCK QUERY
- Loss of interest in PF transfer from EPFO to Trust
- Technical Glitch in ITR-4 Online Form (AY 2026-27): Sec 44AE Partner Remuneration not mapping to E8
- TDS on rent received on hardship compensation being rent on redevelopment of building
- F&O reporting in ITR
- CASH GIFT FROM BLOOD RELATIVE
- TDS offline utility
- Due Date Clarity
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
