Gift instead of unsecured loan
This query is : Resolved
16 September 2012
Dear Sir,
One of the assessee has set up his business in fy 2011-12 and he was invested around 6 lacs in the starting.
As Sec. 269 restricts cash loan more than 20000/- and for being on safe side, can he show Rs. 6 lacs arangement as a cash gift received from his father-in-law (who is a farmar) in last 2 to 3 previous years and which is later on invested by him in his business.
Please advise me.
One of the assessee has set up his business in fy 2011-12 and he was invested around 6 lacs in the starting.
As Sec. 269 restricts cash loan more than 20000/- and for being on safe side, can he show Rs. 6 lacs arangement as a cash gift received from his father-in-law (who is a farmar) in last 2 to 3 previous years and which is later on invested by him in his business.
Please advise me.
Praveen Kumar Rathi
(Expert)
17 September 2012
If u received gift from your father then it will be treated like your own contribution in the business and you r not able to paid interest on that gift.
as far as question of cash then gift in cash is also acceptable.
as far as question of cash then gift in cash is also acceptable.
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