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Cash deposit in child account by father

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(Querist)
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 .
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
30 October 2021 1. Yes. But source of fund in father's capital is questionable.
2. A good try.
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RAKESH

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RAKESH (Querist)
01 November 2021 Thanks SIr for your Valuable Reply .
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
01 November 2021 Most Welcome ..
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