Cash capital

ABHI KUMAR (679 Points)

09 January 2021

kya father apne son ko cash m rs de sakte hai for business

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6 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 09 January 2021

Yes it can

Krishna Chaudhary (Accountant) (4531 Points)
Replied 09 January 2021

Yes he can provided source of income of father should be valid otherwise tax at 78% will levied

ABHI KUMAR (679 Points)
Replied 09 January 2021

Cash m 7 lac diye ho aur vo money son ne bank m jama kara di to bi vaild h kya

Kapadia Pravin (17254 Points)
Replied 09 January 2021

Better deposit cash in father account and then transfer to son account by cheque.

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ABHI KUMAR (679 Points)
Replied 09 January 2021

Ok thanks

Krishna Chaudhary (Accountant) (4531 Points)
Replied 09 January 2021

Yep Praveen is right.

what you should remember that father have a valid source of income, otherwise whole income will be taxable at the rate of 78 %

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