Gift
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 February 2015
AN ASSESSEE HAVE OUTSTANDING LOAN TO HIS PARENT 315250. HIS PARENT WANTS TO TRANSFER THIS AMOUNT AS GIFT AS BOOK ADJUSTMENT IN HIS BOOKS. THE ASSESSEE ALSO WANTS TO DO BOOK ADJUSTMENT BY TRANSFERING THIS LOAN AS A GIFT AND NULLIFY THE BALANCE OF LOAN. GIVE ME THE TAX CONSEQUENCE LIKE SECTION S.269SS, 269T & 56
27 February 2015
As per section 56 gift from relatives is exempted. Section 269SS and 269T not covered for journal entry passed for repayment of loan.
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