Cash deposit in child account by father
This query is : Resolved
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30 October 2021
Sir ,
Suppose cash deposited in child bank account by his father Rs 210000/- to pay his institute MBA fees . Can this amount taxable in child part .
Secondly- If some friend deposit Rs 50 k in cash . this amount is taken as loan . But can we show this amount as gift from friend so that we can get rid of penalty u/2 271 D .
Suppose cash deposited in child bank account by his father Rs 210000/- to pay his institute MBA fees . Can this amount taxable in child part .
Secondly- If some friend deposit Rs 50 k in cash . this amount is taken as loan . But can we show this amount as gift from friend so that we can get rid of penalty u/2 271 D .
30 October 2021
1. Yes. But source of fund in father's capital is questionable.
2. A good try.
2. A good try.
01 November 2021
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