Easy Office
LCI Learning

gift money from non relatives

This query is : Resolved 

25 February 2017 Sir I want to take a loan from my friend amounting 25 lakhs . He is a rich man and have filing tax returns every year. How the money is taxable in my saving account as gift.D does a gift deed is required .

26 February 2017 If you take a loan it is not taxable. Have a loan agreement. If you want to take the amount as gift, the entire 25 lacs is taxable in your hands, no gift deed is required if the amount is transferred to your ac from your friend's ac. A confirmation letter may be required from your friend for such gifts.



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries