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Income tax_query
HELLO FRIENDS
ONE OF MY FRIEND HAS TAKEN SECURED LOAN @ 11% FROM FINANCE COMPANY & NOW SHE WANTS TO GIVE FUNDS TO OTHER PARTY AS A LOAN & ADVANCE @ 18% (LIKE REFINANCE)
. CAN SHE DO SO? IF YES HOW TO DO ACCOUNTING TREATMENT? IS THERE ANY LEGAL CONSEQUENCES UNDER INCOME TAX? SHE FILES RETURN UNDER SECTION 44AD.
Replies (1)
Dear Sir/Ma'am
Yes He/she can do so...
- This will have to be consider in your income tax return under the head "Income from Other Sources"
- You can claim deduction U/s 57 of Income tax Act 1961 for Interest paid to lender for generate this Income
- If there is any business Income and which is fullfill the all conditions specified U/s 44AD of Income Tax Act than you can file ITR 4S U/s 44AD.
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