25 July 2012
I have one query regarding loangiven to my mother. My mother has purchased a residential flat. for it i have transferred some money in the account of my mother and it is shown in the balance sheet as loan. i want to know what is tax treatment in my return and if no treatment then what step should be followed by me and i do not prepare my balance sheet. plz help.
26 July 2012
What is the purpose of the Loan ?? and if the amount is for personal purpose let it be how it is ! but if the amount is for any business use or otherwise then the mother can claim Interest deduction as expense also the interest will be income in your hands
CAclubindia
