Dear Sir,
I need advice from you
Actually in year 2015 i took morgage loan from a co oprative bank .But eventually my business failed & bank initiated action for recovary of loan . My family member cam forward to help me. My younger brother sold one of his property & gave me the money for repayment.
my question is as per law the amount which my brother got from sell of the flat will come as long term capital gain , As per law if he invest the amount in new property he will not be liable for any tax on amount but if he do not invets in property he will have to pay 30 % tax. As he ahs given money to me for repayment of my loan & it is not possible for me to pay him back immediatly as amount is high .
my questions are
1. how to show transation in Balance sheets of both of us so that we will not face probelm in future
2. minimum tax needs to pay
thanks
CAclubindia
