Conversion of unsecured loan into gifts

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 August 2015 I want to know the income tax implications of unsecured loan of brother converted into gift in the books of assessee.

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

17 August 2015 No implications as such.

read section 56(vii)

https://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx

Querist : Anonymous

Querist : Anonymous (Querist)

17 August 2015 I suppose there is nothing mentioned in section 56(vii) regarding conversion of unsecured loan into gifts

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

18 August 2015 Never ever anything as such is mentioned in any of the section of the Income Tax Act. It is for you to see if any of the section is HIT or APPLICABLE to you.
Since the gift is from brother, yopu need to check if it falls under the definition of BROTHER as relative.
Prima facie, brother is included in the lsit of RELATIVE and hence the GIFT is not HIT by the said section.

Querist : Anonymous

Querist : Anonymous (Querist)

31 August 2015 Thanks Amol for your reply

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

05 September 2015 You are most welcome.
.
.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Lalan Kumar Jha

Kamaljeet Kaur

Navneet Pratap Singh

RATI MALU

jayaraman

Subscribe Now

Conversion of unsecured loan into gifts

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA