REGARDING FREIGHT

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accountant
564 Points Posted on 06 July 2020
RESPECTED ALL MEMBERS

ONE VEHICLE PURCHASE MY BROTHER NAME SO THAT VEHICLE GOOD TRANSPORTATION INCOME CREDIT IN MY BANK ACCOUNT SO HOW A TAX TREATMENT ON THIS INCOME
AND WHICH ITR FILED.

THANK U IN ADVANCE
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On 06 July 2020 at 13:48 Report
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Quick Summary
This discussion addresses the tax implications of freight income earned by a brother but deposited into another sibling's bank account. The advice suggests treating the income as belonging to the brother who owns the vehicle. It also recommends transferring the funds from the recipient's account to the brother's account to maintain accurate financial records and tax compliance.

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Practising CA
8954 Points Posted on 06 July 2020
I think it's better to show it as income of your brother. and amount received in your bank account should be transferred by you to your brothers account.
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On 06 July 2020 at 16:08
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721 Points Posted on 07 July 2020
I agree with Mr. Raj
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On 07 July 2020 at 02:00

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