Conversion of loan from relatives into gift

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 August 2013 My brother gave interest free loan to my wife
in financial year 31.3.12. Can this loan be converted now into Gift by book entry and
making a notorised gift deed or first the loan has to be returned and thereafter cheque
for gift will have to taken.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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29 August 2013 You can go from the first method.
.

Querist : Anonymous

Querist : Anonymous (Querist)

30 August 2013 Thank you, Sri CA Paras Bafna for your prompt
reply.

Kindly clear my one doubt.

By converting loans from relative into gift
(book entry), will there not be contravention
of provisions section 269 or so which deals
with loans.

Querist : Anonymous

Querist : Anonymous (Querist)

31 August 2013 awaiting valuble advice from Sri Paras Bafna
and other experts to my aforesaid querry,

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