Hello experts,
If I treat the amount received through cheques from my wife as loan in tax audit report while filing ITR3 and show as interest free unsecured loans.
Whether any supporting document need to prepare like promissory note on stamp paper or a simple letter on white paper is suffcient.
I t
3 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 15 September 2018
Yes... You can any of the above said One if You book the amount as Loan.
Anonymous
(Business)
(240 Points)
Replied 15 September 2018
Thx
Any prescriber format ? Whether external witness sign required?
I m thinking to document it on simple paper.
Some amount was returned so I did not treat it as gift as gift are not reversible as advise to me. But practically can't we treat it as net gift or gross gift to each other.
Should I now document the gross loan fugure on simple paper for a record ?
Whether document need to be notarised ?
Any prescriber format ? Whether external witness sign required?
I m thinking to document it on simple paper.
Some amount was returned so I did not treat it as gift as gift are not reversible as advise to me. But practically can't we treat it as net gift or gross gift to each other.
Should I now document the gross loan fugure on simple paper for a record ?
Whether document need to be notarised ?
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 15 September 2018
As per my view No need for notarized...
Also no more specific formats. You can prepare Yourself with details.
Also no more specific formats. You can prepare Yourself with details.
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