Menu
Related party transaction
if a father has a firm name xyz and son has a firm named abc.xyz deals in retail sale of handloom and abc deals in wholesale of handloom items.and abc having sale and purchase and as well as loan from xyz. so how to show sale purchase as well as loan in accounts and audit as well.
Replies (8)
As per normal procedure
Plz tell in detail
It will be at market price not excessive prices.....
for more details refer section 40A(2)
for more details refer section 40A(2)
Yes sale purchase is on market price and as father's firm give loan to son firm then what will be the treatment in audit
As this is the case of firm but not co. hence there will be no deemed dividend...
just check the applicability of section 269SS & 269T regarding cash loans
just check the applicability of section 269SS & 269T regarding cash loans
Its not cash loan all transactions are through bank only
No other checks just take confirmation. and check weather interest allowed
No interest till 31st march
Recent Threads
- Property purchase by parents
- Section 54f and Sale between father and Son.
- Demat of shares of private limited company
- Income only with share market around 5-6 lack
- Missed GST Reporting for March 2025
- Future and Option Turnover
- Outstanding demand
- Error in filing income tax return
- DRAFT - DIRECTOR's REPORT OF BASE LAYER NBFC
- Amt of LTCG required to be reinvested on house pro
Related Threads
CAclubindia
