Please Help: loan to mother
Posted Date : 25-Jul-2012 , 10:38:50 am | Posted By vinit agarwal
i have one query regarding loan given to my mother. my mother has purchased a residential flat for it i have transferred some money in the account of my mother.it is shown in the balance sheet of my mother as loan. i want to know what is tax treatment in my return and if no treatment what step should be followed by me. i does not prepare my balance sheet.
Category : Income Tax | Answers : 0 | Comments : 1 | Hits : 148


Comments
CA Sagar saraswat
26-Jul-2012 , 06:34:58 amthere is no tax treatment becz mother is in definition of relative so sec. 56(2)(vii) will not be applicable.