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Is money transferred from my current acc to friends saving acc taxable
16-Mar-2023 (In Tax Law)
If one of my friend who is running a company is willing to lend me money, is the amount transferred to my savings or loan account from his current account, liable for any tax?
What is your connection with the said company. Are you a share holder in the company. Assume you are having share of substantial interest in the said company then the amount received as loan is liable for tax as income being deemed dividend as defined in section 2(22(e) of the Income-tax Act. If not any substantial interest in the company then not liable for any tax.
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Adv. Lava M
Bangalore | 25+ Answers
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