Gift received from father invested in partnership business
This query is : Resolved
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
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
(Expert)
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.
2 you can declare it under exempt income schedule.
3 No problem.
4 and 5 Gift is the best option.
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