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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 July 2011 An amount given/ taken by Husband's proprietorship firm (say abc & co.) to spouse, spouse's proprietorship firm (say xyz & co.), son, daughter can be treated as gift under section 56 or it shall be treat as loan
reply urgently.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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08 July 2011 Any gift by blood relation shall be treated as gift and the provisions of section 56 shall not be applicable. In case of change over of proprietorship business from one hand to another do not show as gift show as sale by way of an agreement.

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