Loan to mother
This query is : Resolved
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
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
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?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- RCM INVOICING FROM NOV-2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- 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 ?
Trending Online Classes
CAclubindia
