DEAR SIRS,
WHETHER PAYMENTS MADE BY HUSBAND TO WIFE FOR THE INTERIM PERIOD AS ADVANCE
ATTRACTED BY 269SS PROVISION. PLEASE COMMENT.
KARUPPANCHETTY.
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Sec 269ss
Replies (7)
Yes all the transaction relating to Loans & Advance are covered by Sec. 269SS/269T.
this type of transaction can also b shown as the gift and claimed as tax free making both happy...
but if shown in the BSheet as loan/adv then Mr. Jignesh is right...
Yes,It is covered u\s 269SS and 269T,
If you show it as an gift than take care of clubbing provisions also..
Yes,it will be covered u/s 269ss....the amount of penalty will be,any amount above the level of 20000 Rs. taken as advance...i.e. if you have received 30000 in cash,then you will have to bear the penalty of Rs.10000. I hope I am clear...let me know you require any durther clarificatoion.
yes it is covered in sec 269ss.it can be said as gift but clubbing provisions will be attracted under sec 65(1)
Really Shocking..........!
Hey please understand the question very well..................
SECTION 269 SS WILL NOT be APPLICABLE
in the book of husband - 269ss- not applicable- AS THIS IS LOANS AND ADVANCES.
in the book of wife - 269ss -Applicable if outstanding exceeding 20,000/-.
Ponint Of GIFT not reflect here as they are relatives
. AS THE WHOLE TRANSACTION SETTLED IN PREVIOUS YEAR REPORTING BY SQUARED UP.
calm down hardik...everyone here has given a logical answer...
outstanding bal in the books of wife does not arise as the loan given is rs.30000, refer 269SS properly...
it is better that they it as gift...keeping clubbing in mind...
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