Taxability of loan to brother
PRASHANT KAPRE (12 Points)
21 November 2019👍
PRASHANT KAPRE (12 Points)
21 November 2019
girishpawar pawar
(7 Points)
Replied 21 November 2019
RAJA P M
("Do the Right Thing...!!!")
(128101 Points)
Replied 21 November 2019
Kapadia Pravin
(17264 Points)
Replied 21 November 2019
CS M Pota
(Company Secreatary)
(3186 Points)
Replied 07 December 2019
To write to clear you shold have given as loan to your brother and your brother will repay the loan when he pays back.So far as interest concerned you should should show 12% as income from other source or you may give interest free loan but show notional intere as income from other source.
CA Dinesh Kalyani
(CA)
(51 Points)
Replied 10 December 2019
Interest paid by your brother to you, cannot be treated as gift, because it is interest paid by him. One transaction can have only one nature, either treat the transaction as payment of interest, or treat the same as a gift.