Ms. Julie received following amounts during the previous year 2023-24. (1) Received loan of 25,00,000 year...
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Ms. Julie received following amounts during the previous year 2023-24. (1) Received loan of 25,00,000 year from the ABC Private Limited, a closely held company engaged in textile business. She is holding 10% of the equity share capital in the said company. The accumulated profit of the company was 22,00,000 on the date of the loan. (2) Received Interest on enhanced compensation of 5,00,000. Out of this interest, 1,50,000 relates to the previous year 2020-21, 1,90,000 relates to previous year 2021-22 and 21,60,000 relates to previous year 2022-23. She paid 1 lakh to her advocate for his efforts in the matter. Discuss the tax implications, if any, arising from these transactions in her hand with reference Assessment Year 2024-25. Ms. Julie received following amounts during the previous year 2023-24. (1) Received loan of 25,00,000 year from the ABC Private Limited, a closely held company engaged in textile business. She is holding 10% of the equity share capital in the said company. The accumulated profit of the company was 22,00,000 on the date of the loan. (2) Received Interest on enhanced compensation of 5,00,000. Out of this interest, 1,50,000 relates to the previous year 2020-21, 1,90,000 relates to previous year 2021-22 and 21,60,000 relates to previous year 2022-23. She paid 1 lakh to her advocate for his efforts in the matter. Discuss the tax implications, if any, arising from these transactions in her hand with reference Assessment Year 2024-25.
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Answer rating: 100% (QA)
The tax implications for Ms Julie arising from the mentioned transactions in Assessment Year 202425 are as follows 1 Loan Received from ABC Private Li... View the full answer
Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
Posted Date:
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