gift money from non relatives

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Satyaprakash (Querist)
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25 February 2017 Sir I want to take a loan from my friend amounting 25 lakhs . He is a rich man and have filing tax returns every year. How the money is taxable in my saving account as gift.D does a gift deed is required .

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 February 2017 If you take a loan it is not taxable. Have a loan agreement. If you want to take the amount as gift, the entire 25 lacs is taxable in your hands, no gift deed is required if the amount is transferred to your ac from your friend's ac. A confirmation letter may be required from your friend for such gifts.

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