Save Rs 499 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

banner_ad

Gift/loan

This query is : Resolved

Share Report Follow Query Ask a Query

lalit sharma

lalit sharma (Querist)
Follow

12 October 2015 Some amount around 50 lakhs was givem to brother without any considrtation & it is not returnable . Source of money for giver is compensation. Now notice is received from it deptt. What should I do I mean whether I must show this as a gift or loan. We have not done documentation but amount is received by cheque.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

13 October 2015 Show it as gift and have a gift deed in plain words mentioning the cheque details in plain paper signed by witness.

lalit sharma

lalit sharma (Expert)
Follow

13 October 2015 Thanks sir

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CCI Pro

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

CCI Pro

Meet our CAclubindia PRO Members

Pro Member Ashish Nerlekar

Ashish Nerlekar

Pro Member sathiyaram

sathiyaram

Pro Member ashok jain

ashok jain

Pro Member RADHAKRISHNAN A R

RADHAKRISHNAN A R

Pro Member S N Unni

S N Unni

Follow us

add to google news

Answer Query

Quick Links

Browse by Category

Latest Job Openings

View all

01 June 2026

Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details

Featured 27 May 2026

Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details

26 May 2026

Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details

16 May 2026

Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details

Featured 26 May 2026

Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details

Featured 28 May 2026

SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details

26 May 2026

Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details

14 May 2026

Senior Associate

ABHISHEK SHANKAR AGARWAL & ASSOCIATES

Kolkata

CA

View Details