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Friendly loan

This query is : Resolved 
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(Querist)
01 June 2015 Do we need to prepare an agreement for a friendly loan? it is not going to be repaid back and also no interest will be charged. and it is for personal purpose so no tds will get deducted.

Instead of friendly loan can it be shown as gift received from a friend? I will have to prepare gift deed and tax will get deducted but anything else from tax point of view?

it is from individual to individual
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CA AnKiT BoHrA (AB)

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CA AnKiT BoHrA (AB) (Expert)
01 June 2015 na yaar... there are only way out is to treat as loan in books and pays timely interest... when u r not ready to take it as gift
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