Conversion of unsecured loan into gifts
Querist : Anonymous
read section 56(vii)
https://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx
Querist : Anonymous
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
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