TAX CONSEQUENCE

This query is : Resolved

aneel (Querist)
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17 December 2008 whether a salaried person give a loan in cash above rs 20000
is their any consequence\contravention of any provision of I.T ACT

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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18 December 2008 In the given situation no consequence/contravention arises to the payer.

aneel

aneel (Querist)
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19 December 2008 thanku sir,
if i earn any income from this fall income from other source ?
if i do the same trasction again and again then whthr it cover in business?

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CA Sanjeev Kr Jain

CA Sanjeev Kr Jain (Expert)
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21 December 2008 in any case if loan is advanced by any one in case than there is no penalty

aneel

aneel (Querist)
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31 December 2008 we started business on 23-1-08
before that what ever expenditure i incurred should be captalized .
can u tell me what entry in a/c we should pass to make captalize
and
aftr we started business on trial basis so i in curred expenditure of around 5 lac where should i charged this expenditure