Gift received from father invested in partnership business

This query is : Resolved

swathi (Querist)
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13 July 2020 Dear sir,
My farther gifter me 50lak from his sole proprietorship business. He directly transferred it to the newly started partnership business bank account ( myself and my sisters are partners)

We introduced the money as partners share capital into our business

1) should I execute a gift deed??
2) should I declare such gift income in my itr???
3) directly received in bank account of partnership firm is a problem??
4 ) else can I keep it as interest free loan into my business
5) if interest to be charged,then can I charge 8% on loan

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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14 July 2020 1 No gift deed required take confirmation letter from father.
2 you can declare it under exempt income schedule.
3 No problem.
4 and 5 Gift is the best option.

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