CA Chirag (vvvvvvv) (34 Points)
13 October 2010"A" having a property gives his property to other person "B" as a collateral security for availing OD facility and in turn "A" receives a certain amount!!!
My question is taxability of that amount and if its taxable how to plan it to save tax!!
thanks
RAJ
(CA)
(120 Points)
Replied 14 October 2010
I understand: You said OD: means Loan from Bank
Mr. A have taken Loan (O.D) - No tax liability on Loan, but he has to repay the same.
CA PARAS BAFNA
(Practising CA )
(33428 Points)
Replied 11 December 2010
OD has been taken by B against the Property of A.
The amount received from B by A can be shown by A as Income From Other Sources.
As far as Tax Planning is considered , other details like, whether the property has been let out or Self Occupied, nature of property etc are required
| Originally posted by : Paras Bafna | ||
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OD has been taken by B against the Property of A. The amount received from B by A can be shown by A as Income From Other Sources. As far as Tax Planning is considered , other details like, whether the property has been let out or Self Occupied, nature of property etc are required |
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