INCOME TAX
This query is : Resolved
13 September 2019
DEAR SIR,
ONE OF MY CLIENT IS SENIOR CITIZEN, HE IS NOT ELIGIBLE TO TAKE ANY LOANS, SO HE IS DOING BUSINESS OF TRADING RAW SILK AND ALSO HE IS IT PAYER. NOW MY QUESTION IS HE HAS PURCHASED TOYOTA INNOVA AND ONE COMMERCIAL VEHICLE FOR HIS BUSINESS AND INNOVA FOR PERSONAL USE. BOTH VEHICLES ARE IN THE NAME OF HIS SON. BUT LOAN IS REPAYMENT IS THROUGH HIS CURRENT ACCOUNT. NOW BOTH VEHICLES ARE SHOWN HIS BALANCE SHEET BECAUSE LOAN IS HIS SON'S NAME BUT PAYMENT GOES BY FATHER'S ACCOUNT.
BOTH LOAN AND VEHICLES ARE CAN BE SHOWN IN FATHER'S BALANCE SHEET. HIS SON NO ANY OTHER INCOME.
REGARDS
ONE OF MY CLIENT IS SENIOR CITIZEN, HE IS NOT ELIGIBLE TO TAKE ANY LOANS, SO HE IS DOING BUSINESS OF TRADING RAW SILK AND ALSO HE IS IT PAYER. NOW MY QUESTION IS HE HAS PURCHASED TOYOTA INNOVA AND ONE COMMERCIAL VEHICLE FOR HIS BUSINESS AND INNOVA FOR PERSONAL USE. BOTH VEHICLES ARE IN THE NAME OF HIS SON. BUT LOAN IS REPAYMENT IS THROUGH HIS CURRENT ACCOUNT. NOW BOTH VEHICLES ARE SHOWN HIS BALANCE SHEET BECAUSE LOAN IS HIS SON'S NAME BUT PAYMENT GOES BY FATHER'S ACCOUNT.
BOTH LOAN AND VEHICLES ARE CAN BE SHOWN IN FATHER'S BALANCE SHEET. HIS SON NO ANY OTHER INCOME.
REGARDS
13 September 2019
No... It's wrong.
If Assets in son's name then it's not accountability in Father's Financial Statements.
27 September 2021
How the loan was sanctioned to son, when he doesn't earn anything?
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