tax planning

Tax planning 534 views 3 replies

"A" having a property gives his property to other person "B" as a collateral security for availing OD facility and in turn "A" receives a certain amount!!!

My question is taxability of that amount and if its taxable how to plan it to save tax!!

 

thanks


 

Replies (3)

I understand: You said OD: means Loan from Bank

Mr. A have taken Loan (O.D) - No tax liability on Loan, but he has to repay the same.

OD has been taken by B against the Property of A.

The amount received from B by A  can be shown by A as Income From Other Sources.

As far as Tax Planning is considered , other details like, whether the property has been let out or Self Occupied, nature of property etc are required
 

Originally posted by : Paras Bafna

OD has been taken by B against the Property of A.

The amount received from B by A  can be shown by A as Income From Other Sources.

As far as Tax Planning is considered , other details like, whether the property has been let out or Self Occupied, nature of property etc are required
 


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