Itr for loan purpose

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 July 2013 When we were filing income tax return for loan purpose, is dere any limit of Gross Total Income on which basis loan amount is deciding Bank???

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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03 July 2013 you need file your actual Income only in Income tax

Querist : Anonymous

Querist : Anonymous (Querist)

06 July 2013 There is no any limit, if you have that much income then you will get loan of some fixed amount??

Because if you want loan for amount den what can do??

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CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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06 July 2013 Income limit based on your loan nature and bank rules, depends on bank

how ever, for loan purpose, declaring the high income not suggestible. incase A.O. ask proof then problem will be created

Querist : Anonymous

Querist : Anonymous (Querist)

08 July 2013 Ok,ya that's correct.

Thank you.

Eventhough can you tell me with one example.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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08 July 2013 what example?

Querist : Anonymous

Querist : Anonymous (Querist)

09 July 2013 Example like if
your Gross Taxable Income say Rs.10Lacs,
agreement value say Rs.50Lacs

loan amount say 50% (if GTI is Rs.20Lacs)
Then I will get loan of Rs.5 Lacs

But I want loan of Rs.40Lacs, then what can do??

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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28 August 2013 showing actual income only suggested. inflated income will invite problems from Income tax department and financial trouble

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CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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28 August 2013 showing actual income only suggested. inflated income will invite problems from Income tax department and financial trouble