Mr.A gives Mrs.A a cash gift of 200000 and after 1year he is borrowing 200000 from her. what is the status of the situation as per income tax act?
Hari Mundayur (CA IPCC) (184 Points)
19 December 2014Mr.A gives Mrs.A a cash gift of 200000 and after 1year he is borrowing 200000 from her. what is the status of the situation as per income tax act?
Mayank Saini
(Student)
(123 Points)
Replied 21 December 2014
In 1st transaction for wife, it will be a gift to her from a relative so not taxable for her however Mr A will have to pay tax on 2lacs.
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