Conversion of loan into gift
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 March 2016
Dear Experts,
A son has given 5 lacs interest free loan to his father for business purpose after 2 year the both are satisfied to convert this loan into gift, plz let me know can it be done if yes what its procedure,
Thanx & Regard
Nidhi Goyal
A son has given 5 lacs interest free loan to his father for business purpose after 2 year the both are satisfied to convert this loan into gift, plz let me know can it be done if yes what its procedure,
Thanx & Regard
Nidhi Goyal
CA Shyam Agarwal
(Expert)
26 March 2016
First of all decide the in which financial year loan was given. if as per agreement loan was not interest free then do transaction of interest. Now you can covert the final amount of loan into gift. make a gift deed of Rs. 500/- stamp paper.
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