03 March 2012
my client have recently open a new joint bank a/c with his wife in which he will transfer fund of her mother who had died one month before & wants to issue cheques to some other party ( loan) now he wants to give loan to that party who is a partnership firm & want to record loan in two different name can my client give two chq one bearing his sign and another of wife.for loan adjustment.what will be the tax implication on this whole issue is wife's income (interest) will club in his hand??can he do such transaction. expert advice required. as mother was senior citizen no retn filed ( as income was under the income tax slab) thanks in advance.
CAclubindia
