Gift

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 February 2015 AN ASSESSEE HAVE OUTSTANDING LOAN TO HIS PARENT 315250. HIS PARENT WANTS TO TRANSFER THIS AMOUNT AS GIFT AS BOOK ADJUSTMENT IN HIS BOOKS. THE ASSESSEE ALSO WANTS TO DO BOOK ADJUSTMENT BY TRANSFERING THIS LOAN AS A GIFT AND NULLIFY THE BALANCE OF LOAN. GIVE ME THE TAX CONSEQUENCE LIKE SECTION S.269SS, 269T & 56

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 February 2015 As per section 56 gift from relatives is exempted. Section 269SS and 269T not covered for journal entry passed for repayment of loan.