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).

 

[NABNAB is verified member.]

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.

Okay, Best of Luck brother.

 

[skvignesh]

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.

Surely you will get notice from ITD .

Few bank will block the card if you use for business purposes...

 

[tachniki]

chatgpt must be sufficient to solve such issues

Not sure if folks understand that chatgpt is generative AI. It can hallucinate based on temperature used by model. Whatever it says may not be true or what it has been trained on. It can make up things that doesn't exist. Even if temperature is controlled, it may have been trained on things which may not be true or outdated.

So, unless we have AI solution that is being provided specifically for legal consulting, do not just accept what chatgpt says.

 

[Adith]

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.

If you are not gonna listen to veterans and people who have been using cc for a long time giving you advice, what are you doing in this forum and what was the purpose of this post ?

If you think chatgpt or a blog is sufficient , then why even ask for " steps to avoid complications" ? What stupid attitude or logic is this ?

Basically wasting people's time.