Loan liability
This query is : Resolved
18 September 2011
Can i take a loan against any asset (house, share and securities, FD, etc) which in name of my family member and show that loan account in my books of accounts?
I mean does it matter as far as taxation dept is concerned to have a loan in your name with the asset against which loan is taken is in my family members name.
Thanks for the time.
I mean does it matter as far as taxation dept is concerned to have a loan in your name with the asset against which loan is taken is in my family members name.
Thanks for the time.
18 September 2011
No it certainly does not matter.
There is no compulsion that the loan given to and the collateral should be of same person.
Even in most of the cases it happened that property mortgaged is in others name.
Now cheers
There is no compulsion that the loan given to and the collateral should be of same person.
Even in most of the cases it happened that property mortgaged is in others name.
Now cheers
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18 September 2011
Yes loan can be taken against the assets of other family members. Take their consent and pledge as third party collateral security. In this case the interest rate shall be higher
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