Loan
This query is : Resolved
24 July 2009
Mr. x running a business in propriatory concern and also his wife Mrs. x running her saprate business
Now Mrs. x take a loan from LIC of Rs. 2,00,000
and want to give it to his husband Mr. X
whether she can give loan in Cash or use the money in her own business and take the Interest advantage in his personal return.
and if she given a loan to his husband Mr. X have to pay Interest to Mrs. X which is include in Mrs. X Income
so Please Suggest me how i can take handle the this situation
Urgent
Now Mrs. x take a loan from LIC of Rs. 2,00,000
and want to give it to his husband Mr. X
whether she can give loan in Cash or use the money in her own business and take the Interest advantage in his personal return.
and if she given a loan to his husband Mr. X have to pay Interest to Mrs. X which is include in Mrs. X Income
so Please Suggest me how i can take handle the this situation
Urgent
24 July 2009
Mrs. X has taken a loan from LIC and hence would be paying interest to LIC on the said loan and will claim interest expense in her own account.
If Mrs. X gives loan to Mr. X then Mr. X will have to pay interest to Mrs. X as she has borrowed to lend.
If Mrs. X gives loan to Mr. X then Mr. X will have to pay interest to Mrs. X as she has borrowed to lend.
24 July 2009
1. Mrs is require to pay interest to LIC in any situation
2. If shh gave loan to him than such transction is require to made in account pay cross cheque
3.She is entitled to take interest from him and such interest is her income and interest paid on loan is taken as business income and interest received as considered as business/income from other cases
2. If shh gave loan to him than such transction is require to made in account pay cross cheque
3.She is entitled to take interest from him and such interest is her income and interest paid on loan is taken as business income and interest received as considered as business/income from other cases
28 July 2009
thank you sir but i would like to know what way is more benificial
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- GST ON EXPORT COMMISSION
- RCM INVOICING FROM NOV-2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- ITC EXCESS CLAIM + RCM NOT PAID...BOTH FOR FY 2020-21......PAID IN FY 2024-25....EFFECT
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
