In family business having number of proprietary firms can transfer funds between them on regular basis as advance. Note all firm have unsecured loan from family members at interest. Based on GST and IT norms please suggest
As per income tax, there is no problem if the amount is transferred through cheque/ electronic means and you have properly recorded that amount in books of accounts as a loan/ advance.
For GST , I have not analysed the situation. Let me do some research.
Please feel free to call/ revert in case you need more clarity
Thanks and regards
Abhishek Dugar
CA CS B.Com
Hello,
Yes you can transfer funds to proprietary firms in any mode other than cash.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
Hi,
You can transfer funds between the proprietary concern, so long as it is in any mode other than cash.
Regards,
Keerthiga Padmanabhan
M.Com., CA, LL.B
