Funda from relatives
This query is : Resolved
10 September 2010
I had taken some money from my father in law through cheques which I deposited in my account
What are the tax implications if any. can I treat cheque amount from my father in law as Gift or borrowing.
What are the tax implications if any. can I treat cheque amount from my father in law as Gift or borrowing.
10 September 2010
Father in law is covered under the defination of relative.
You can show it Gift , if it is non-returnable.
If it is to be return, then you can show it borrowing.
You can show it Gift , if it is non-returnable.
If it is to be return, then you can show it borrowing.
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