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TMI BlogMoney lending business or simple income from other sourcesX X X X Extracts X X X X X X X X Extracts X X X X ..... An HUF has own capital of approx. 3 crores rupees. It has given loans to two private limited companies in which karta is the director. From one company it is earning interest at 11% p.a. From other it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is not charging any interest. it has also given money on loan to one outside company on which it is charging interest at 12% p.a. Now, in scrutiny case, the A.O. has raised a query as to why it is no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t treated that HUF is engaged in money lending business. We have to reply it. Pls. advise what are the implications of treating it money lending business and how we should counter it. The HUF is not e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ngaged in any other business. - Reply By Surender Gupta - The Reply = What is your concern. Is is FEMA or income tax? In income tax, in case AO treats the same as business, he has to allow the claim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of various expenditures including bad debts and others. Submit your issues and understanding of the situation. - Money lending business or simple income from other sources - Query Started By: - mano ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... j gupta Dated:- 5-8-2010 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanage ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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