Gift in income tax.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 September 2014
A interest free loan of Rs 50,000/= from my brother was being reflected in my BS since last 4 years.
Can I convert the loan in to Gift or
I shall return the loan by cheque and take a another cheque from my brother for making the same as Gift.
Which is the correct option ?
Can I convert the loan in to Gift or
I shall return the loan by cheque and take a another cheque from my brother for making the same as Gift.
Which is the correct option ?
11 September 2014
Brother covered under the definition of relative . So you can convert the loan into gift . For this purpose you required to get gift deed indicating that "my loan out standing as on ........ date had been gifted to my brother.
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