08 October 2013
I am a male and my income is 3,40,000/-for financial year 11-12 and in scrutiny AO makes additions of 1,00,000/- disallowing loans, than this addition will be taxed at which rate rate at 10% or 30%.
Next query- I have taken loan from my dad 2 years back. Can I now convert the same into Gift to me from my dad without invoking the provisions of Section 269 T.