Conversion of un secured loan to gift
This query is : Resolved
22 June 2020
One of proprietory concern I.t. assess rs.12 lacs un secured taken from father.
Unsecured loan conversation to gift rs.12 lacs .
1.Gift amount accepted in I t.act
2.sec 269 St applicable and accounting entries passed in books.
Unsecured loan conversation to gift rs.12 lacs .
1.Gift amount accepted in I t.act
2.sec 269 St applicable and accounting entries passed in books.
22 June 2020
1 yes, gift will be accepted as it's from relative.
2 269ST not applicable as it's only book adjustment.
2 269ST not applicable as it's only book adjustment.
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