269SS

Tax planning 616 views 2 replies

student

WORKING

757 Points Joined April 2007

PLS SEE THE ATTACHED FILE.

I faced a problen in one of the case;
suppose if plot of value 2 lac for which advance was given by me & my spouse jointly (30:70) but after when i applied fr registry society said that such property can be registered only in one person's name now how i transfer that 30% in my spouse a/c's. both of us b/s in 07-08 shows such proportion & now in 09-10 registry only in my spouse name now whether spouse can pay me those 3% in cash /bank or if paid in cash 269ss or 269t attracted on such loans or not b/c it is for plot

thanks in advance

Attached File : 14 cci best.xls downloaded: 135 times

Replies (2)

CA PARAS BAFNA

Practising CA

33428 Points Joined April 2009

It will be better if you settle the transaction through cheque as there is no practical difficulty in doing so. You would not require to answer the question of repayment in Cash.

CA PARAS BAFNA

Practising CA

33428 Points Joined April 2009

Giving cheque towards loan/advance repayment , will not attract any historical question.

It's matter within the family and it can be managed , if not at a single time, then you can settle the things as per your conveniency by transferring small amounts also.

Otherwise, you have to explain those circumstances in which one of you became as lender and other as borrower without any a/c payee cheque.