Cash balance negative rectify options for i.t.

This query is : Resolved 
 


Querist : Anonymous (Querist)
23 February 2020

Sir,
One I.t. individual person purchases of site ( assest) value.Rs10,00,000/-.if a person cash on hand balance as per books Rs.6, 00,000/- avalibale.
My question:
A person Remaining cash balance received below mentioned options is correct method.
1. Cash loan received from huf status
2. Cash loan received from different persons.
3. Cash gift received from family members.


Raj Kumar Makkad (Expert)
23 February 2020

There are no legal restrictions to make arrangement for the purchase of a property from either of the three options you mentioned in the query. All three are legal.

Dr J C Vashista (Expert)
25 February 2020

Mr./Ms Anonymous,
Vague facts have been posted by you, which can not lead to form proper opinion and oblige.

Raj Kumar Makkad (Expert)
25 February 2020

You have not mentioned your locus-standi with the facts of the query.

Rajendra K Goyal (Expert)
19 March 2020

A person can arrange cash by taking loan from friends and relatives, HUF. He can get gift from relatives. Gift from specified relative is exempt from tax as per Section 56(2) of the Income Tax Act.

Relative – spouse, brother and sister of self and spouse, brother or sister of parents or parents in law, any lineal ascendant or descendant of self or spouse, spouse of any of the relatives mentioned here.




Raj Kumar Makkad (Expert)
19 March 2020

The author is still silent despite of having a question raised for his response.



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