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Trading using personal loan
I have following two questions
Can i use money obtained from personal loan to trade in commodity future trading.
Second question. Can I take personal loan at 16% and give this money to my wife at 16% .then she use this money to trade in commodity future. Is it legal as per tax law. And tax will be charged on her or me.
Replies (2)
HI SUMIT,
IF YOU ARE DOING TRADING IN UR INDIVISUAL CAPACITY THEN YES YOU CAN DO WITH USEING YOUR LOAN MONEY IN PERSONAL CAPACITY.
AND IN 2ND Q: YES YOU CAN LENT YOUR MONEY TO YOUR WIFE AND CHARGE INTEREST THEIR ON TOO. AFTER THEN TRANSACTION INTEREST WHICH CHARGE ON YOU BY BANK WILL BE COMPENSATE BY INTEREST RECEIVED FROM YOUR WIFE.
The second case must be deal after satisfying the provisions specified u/s 269 SS.
i.e Persons shall not accept any loan or deposit otherwise by account payee cheque/demand draft , where the aggregate of such loan and deposits exceeds Rs 20000
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