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It for getting loan

yogesh (no) (101 Points)

06 December 2015

dear sir one of my client want to get a loan for getting house property in residential area. what actions should be taken for getting such loan? how many returns are filed compulsory for getting such loan?

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11 Replies

Gaurav Verma (none) (198 Points)
Replied 06 December 2015

Normally, bankers demand minimum 3 returns.

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yogesh (no) (101 Points)
Replied 06 December 2015

if client had not filled either any i.t. return in p.y then what are the consequences

yogesh (no) (101 Points)
Replied 06 December 2015

if client had not filled either any i.t. return in p.y then what are the consequences

jaya krishna (Chartered Accountant) (262 Points)
Replied 06 December 2015

Now you can file income Tax returns.... Generally banks asks 3 years returns... If it is a sole proprietor Business bank's aska balance sheet also.. He is not maintaining books of accounts file return under section 44 AD.

jaya krishna (Chartered Accountant) (262 Points)
Replied 06 December 2015

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CA CS Jainam Shah (Practicing Chartered Accountant) (2492 Points)
Replied 07 December 2015

Generally it depends on the bank and client

Normally bank asks for last 3 years IT Returns filled with minimum gap of 6 months.
If you have shown business in the IT return then bank might ask for CA certified balance sheet and profit & Loss Account.
Sometimes if you fail to file the IT Returns required then they will also reply on CA certified Income Statements.

3 Like

yogesh (no) (101 Points)
Replied 09 December 2015

sir 2 E-returns are normally filed without any restrictions but how i filed 3rd year return. I am so confused to file 3rd year return

jaya krishna (Chartered Accountant) (262 Points)
Replied 09 December 2015

send application to department approval for file return under 119(2).

yogesh (no) (101 Points)
Replied 10 December 2015

thanx for reply sir...... one another comfusion is that client's daughter getting scholarship from a recogniaed clg where the client show his income less than 100000. can this two benefits i.e. getting scholarship by her daughter and second filling return by paying some tax is claimed together