Personal loans.

This query is : Resolved

MANGESH SHANTARAM MOHITE (Querist)
Follow

30 January 2012 Respected Sir,

if Mr.A is employee receiving salary of Rs. 9500/- pm i.e 114000 pa. + bonus of Rs.10000/- pa.

Also he received security charges of Rs. 20000/- pm but chq. is received in the name of his son B [ who is minor ]. i.e 240000/- p.a.

Now my question is can he take PERSONAL LOAN by including his son (B) minor income in the INCOME TAX RETURN.

its urgent plz help me.

Ravikant

Ravikant (Expert)
Follow

30 January 2012 Minors Income shall be rightly clubbed with Mr.A's Income.

Whether Personal Loan will be provided on the basis of the Total Income - Depends on the Banks Policy.

Clarify the Bank's Stand.