How we can show in the balance sheet
This query is : Resolved
26 July 2012
A- BROTHER AGE 28 IN MUMBAI
B- BROTHER AGE 42 IN UTTAR PRADESH
C-MOTHER AGE 69 IN UTTAR PRADESH
"A" TRANSFER RS. 600000 TO "B" ACCOUNT FOR THE PURPOSE OF PURCHSES A PROPERTY IN UTTAR PRADESH
BUT PROPERTY PURCHASED ON THE NAME OF MOTHER
HOW WE CAN SHOW ALL THE ENTRY IN BALANCE OF MR. "A" & MR. "B"
"A" & "B" IS THE INCOME TAX ASSESSEE BUT MOTHER IS NOT A INCOME TAX ASSESSEE
B- BROTHER AGE 42 IN UTTAR PRADESH
C-MOTHER AGE 69 IN UTTAR PRADESH
"A" TRANSFER RS. 600000 TO "B" ACCOUNT FOR THE PURPOSE OF PURCHSES A PROPERTY IN UTTAR PRADESH
BUT PROPERTY PURCHASED ON THE NAME OF MOTHER
HOW WE CAN SHOW ALL THE ENTRY IN BALANCE OF MR. "A" & MR. "B"
"A" & "B" IS THE INCOME TAX ASSESSEE BUT MOTHER IS NOT A INCOME TAX ASSESSEE
26 July 2012
This will amount to BENAMI transaction under Income Tax. The transaction is banned / disregarded under Income Tax. So far as A's books of accounts are concerned it can partake the nature of advance given.
26 July 2012
Mother can purchase property with borrowed funds from A ?
Such borrowing by mother from Son can be genuine too, as it is in this case !
Such borrowing by mother from Son can be genuine too, as it is in this case !
26 July 2012
Bank Account of B could at best be a convenient conduit for transferring funds from Mumbai to U P for Mother, needing such funds for acquiring house property; B will explain the credit entry in his Bank Account contra the debit(withdrawal) for purchase by C
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