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Please Help: loan to mother

Posted Date : 25-Jul-2012 , 10:38:50 am | Posted By: Vinit Agarwal

Category : Income Tax | Answers : 0| Comments : 1| Hits: 213

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.

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

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