27 June 2009
What will be the tax treatment in the following cases.. 1)An individual has taken a loan from from his father in A.Y.2007-08 for Rs 500000/-.However his father had expired during the A.Y.2009-2010 and whole amount is not to be repaid to any other legal heir. 2)A legal heir has received Rs.1 crore as inheritance from death of a unknown person. 3) A Legal heir received a property vide inheritance. Please reply...
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