Hi
I am new to this forum and hope i have selected right category for my issue.
I am working in IT sector for last 7 years and now thinking to move to my home town and do business(still i am planning which kind of business). How to create fund for my business ? I have 5 lacs saving in mutual fund , saving account and other instruments altogether. But i was looking for one of the franchisee and money required is 15 lac for now. So there is a gap of 10 lac rs.
I want to ask can i ask multiple people(friends and family ) to put money in my account (10 lac ) and using that money can i start franchisee. Is there any tax complications there ? i had a good salary for last 4 years and i could have saved 15 lac but it's not reflecting in my account for now. So i want some people to put cash in my account and later after 2-3 months , i can use those money to take franchisee and do my business. My last salary was 8 Lac Per Annum for last three years.
Please suggest.
Thanks
CAclubindia
