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Adjustment of advance received as Gift from relative

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(Querist)
26 April 2021 Rs.7.00 Lac was taken by me from one of my close relative vide Bank cheque during FY 2019-2020,which was shown by me as Advance received. and the payer showed it as Advance paid . Whether the said advance received may be shown by me as Gift received during FY 2021-22 as agreed by the payer ?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
26 April 2021 Yes, it can shown as gift received.
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CA. Aditya Goel

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CA. Aditya Goel (Expert)
27 April 2021 it can be shown as gift but shall be taxable unless this relative is covered u/s 56(2)
would suggest to get a gift deed - not mandatory but advisable.
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