Amount transferred treated gift or loan
This query is : Resolved
Quick Summary
28 May 2021
Sir,
A it returns non filed person(son) rs:10 lacs balance in bank account.a person bank account closed after rs:10 lacs amount transferred to father bank account.
Question:
Above transactions treated gift or loan amount receiver books in it act.
A it returns non filed person(son) rs:10 lacs balance in bank account.a person bank account closed after rs:10 lacs amount transferred to father bank account.
Question:
Above transactions treated gift or loan amount receiver books in it act.
28 May 2021
Treat it as gift being relative no tax payable.
Message likes :
1 times
29 May 2021
Consider as a gift (father son relationship) no tax liability
05 June 2021
execute gift deed for same you should have document for future reference for gift.
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