Credit card spend of 5 lac per month by Dad for business

[shazansalim]

So my dad started a new business after his retirement and the business is doing good. However he has started using my credit card for business transactions. The card is maxed out every month (Limit 5L).
I have 0 income and got this card with the help of a relative. I file ITR every year, I'm wondering if this will land me in trouble and I may recieve a notice from ITD. What should be my steps to avoid any complications?

 

[NABNAB is verified member.]

Yes, you will be in serious trouble. Consult a good CA and stop this practice ASAP.
Also, consider asking your father to get a business CC for your regular business expenses.

 

[Sobirvs]

No, as long as you can show the trace of money if IT ever questions you, it's fine. Specially in case of blood relations but anywhich ways it is fine.

 

[shazansalim]

Yes, you will be in serious trouble. Consult a good CA and stop this practice ASAP.
Also, consider asking your father to get a business CC for your regular business expenses.

No I won't consult a CA for such small issues. A blog or chatgpt must be sufficient to solve such issues.

Also a credit card whether business or non business can be used for any transactions. Almost 90% of the banks don't even have a business credit card.

 

[shazansalim]

No, as long as you can show the trace of money if IT ever questions you, it's fine. Specially in case of blood relations but anywhich ways it is fine.

Yeah, my dad transfers the sum through IMPS at the end of every credit cycle.

I would have asked him to apply for a credit card, but then no bank would straight away give him a 5 lac limit (my card has 5 lac limit).