Dear Sir,
Background -> We had started a pre-school business thru a limited partnership firm in 2012. My wife (Service), mother (housewife) and father (retired) jointly started this firm in 2012 with my wife as majority shareholding; My wife was also an employee in another company alongwith doing this business, throughout and still continues to do so. Share capital was brought in by all three partners as per the shareholding pattern. Father resigned after 2 years and his complete sharholding was transferred to my wife. To fund this business, the Working capital was brought in as unsecured loan, only by my wife and myself (salaried person in another company) through a saving account (my Wife was the only holder) into the company account. We transferred complete shareholding to two new directors in lieu of money consideration (X amount). All thru these 4 years we never made profit and even considering the X amount we i.e. the old directors (my wife and my mother) lost Rs. approx Rs. 30 lakh.
Issue -> This X amount needs to be shown in the IT returns of my wife for Ay 2017-18; However we also learnt from few friends that the unsecured loan (working capital that we brought) should have been mentioned in the ITR of my wife of 2012-13, 13-14,14-15 and 15-16 respectively, that we missed. Kindly suggest how it should be treated from Taxation purpose and other implication if any.
Best Regards,
