Ashim kr Ray (social service) (1695 Points)
25 December 2016
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177852 Points)
Replied 25 December 2016
Which ITR you are filling? Because if there is no Balance sheet to be filled in ITR you cannot show it.
Ashim kr Ray
(social service)
(1695 Points)
Replied 25 December 2016
Sir, it is ITR4 and balance sheet is also availiable.I want to know from unsecure loan can be taken.Can unsecure loan be taken from brother.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177852 Points)
Replied 25 December 2016
You can take loan, and also show it in ITR4, only thing sometimes ITO add interest (deemed) in file of loaner brother, when its interest free.
Ashim kr Ray
(social service)
(1695 Points)
Replied 25 December 2016
Sir,
So unsecured loan can be taken from any member of the family.And if can taken we have to deemed the interest as myself has not paid any interest to my brother.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177852 Points)
Replied 25 December 2016
You need not pay interest when its interest free loan from any relative of an individual; its ITO who sometimes make addition. So, if possible charge nominal bank interest, which can be even deducted as expense in lonee file.
Ashim kr Ray
(social service)
(1695 Points)
Replied 25 December 2016
Ok,
Sir,
An unsecure loan can be taken from any member of family or tere is any boundation.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177852 Points)
Replied 25 December 2016
It should be by Banking channel, cannot take by cash.
Loner should be able to explain its ligitimate source, whenever query arise.
Ashim kr Ray
(social service)
(1695 Points)
Replied 25 December 2016
Sir,
thank you , so i have to take in cheque, but onces again want to make clear can one brother take loan from another brother.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177852 Points)
Replied 25 December 2016
Yes, no problem. Both of you should be maintaining the accounts, I hope.
CAclubindia
