gift money from non relatives
This query is : Resolved
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 .
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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