Credit card used by a friend how to show that while tax filing

335 views 5 replies

Sambit

IT Engineer

5 Points Joined March 2017

Hi, I have a credit card with 3L limit and its generally used by my friend on an average of 2L per month. Then he pays it directly to my card. I don't prefer that same to get transfer into my bank accounts. Roughly it gets to 18-20L per year. I am a salaried person working with a private company. My salary is 18L per annum. Does the transaction by my friend from my card will be considered as mine. How to show that while filing tax that the spends done by my friend and not mine. Please ADVICE.

Replies (5)

Guest

directly or indirectly you are concern for this creditcard since it is in your name

you have to convience the ito about what u have mention in above post

if credit card purchases of Rs 2 lakh or more u will get notice from

tax department

CA PuRvI M!$rA

2260 Points Joined November 2009

All the transactions done by ur frnd will be conaidered as urs. but u dont have to show this in ur return as u r a salaried person u have to show only ur salary as per 26AS n form 16.

CA Raj Doshi

Practising CA

8954 Points Joined December 2013

Tell your friend to take credit card in his name before there is any issue from incone tax.

Sambit

IT Engineer

5 Points Joined March 2017

What if the yearly cumulative spend of credit card exceed my annual income?

Sambit

IT Engineer

5 Points Joined March 2017

Originally posted by : CA PuRvI M!$rA
	All the transactions done by ur frnd will be conaidered as urs. but u dont have to show this in ur return as u r a salaried person u have to show only ur salary as per 26AS n form 16.