Updated Online video classes available for CA,CS,CMA for May20 and Nov20 batch. Call: 1800-3000-0505

Loan to employer


vinay (Trainee CMA)     07 March 2018

vinay
Trainee CMA 
 7 likes  164 points

| My Other Post

My employer (he is my brother in law) is running a trading business. Its a firm and himself with his brother are parrtners. As he is running short of working capital he is looking for loan. I am having some cash in my hand. Can i lend it to him. What are the tax implications

avater

Krishan kant (student)     07 March 2018

Krishan kant
student 
 45 likes  541 points

View Profile | My Other Post

interest rate should be as per market interest rate

1 Like

vinay (Trainee CMA)     07 March 2018

vinay
Trainee CMA 
 7 likes  164 points

View Profile | My Other Post

Is it compulsory to take interest and what is the maximum amount i can give

1 Like
avater

Krishan kant (student)     07 March 2018

Krishan kant
student 
 45 likes  541 points

View Profile | My Other Post

it is not necessary but he can debit that interest in his profit and loss account to save tax and if you are not in taxable slab then overall it can give benefit

1 Like

vinay (Trainee CMA)     07 March 2018

vinay
Trainee CMA 
 7 likes  164 points

View Profile | My Other Post

Can u tell me maximum amount i can give. My salary is 45000 per month and i have claimed 125000 as 80 deductions


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  



Popular Discussion


view more »