Gold loan for jewellery business dealer

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Kollipara Sundaraiah (Querist)
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28 December 2021 Sir,
a person running a jewellery business
1.Gold loan from banks proprietor name:

Gold loan from bank of india rs:3 lacs and another bank gold loan from IOB rs:4 lacs
2. Gold loan from bank of india rs:2 lacs for wife name received.
Question:
1.Asseess Gold loan amounts accepted in it act
2.gold loan for wife how show procedure in books and it returns.
3.Gold loan interest pay amount business expenses treatment in it act.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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28 December 2021 1 yes, it will be accepted in income tax.
2 show it as loan from wife.
3 Show gold loan receipts in the books of accounts and claim interest payment as business expenses.

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