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Amount transferred treated gift or loan

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(Querist)
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.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
28 May 2021 Treat it as gift being relative no tax payable.
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CA Rajat Pathak

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CA Rajat Pathak (Expert)
29 May 2021 Consider as a gift (father son relationship) no tax liability



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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
05 June 2021 execute gift deed for same you should have document for future reference for gift.

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