Father in law to daughter in law

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shruti (Querist)
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15 June 2014 Mr. x father in law transferred business to daughter in law by simply amending proprietor in sales tax law without any communication to income tax wef from 30 June 2013. we close the books till 30 June and transferred the profit to father in law . I have one doubt. what is the treatment of balance standing in proprietor ship firm of father in law balance 22 lakh and rest all item are used by daughter in law in running business as a proprietor of firm. Will we treat balance of father in law as gift to daughter in law (gift not allowed and clubbing apply) or treat as unsecured and.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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15 June 2014 for gift there has to be a gift deed to be drafted and need to get it registered.

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