Gift/unsecured loan
This query is : Open
11 May 2019
My father is transferring a small portion of his business to me for starting my business in same field.assets and liabilities being transferred value rs.50 lacs. I feel it would be good if the payment consideration id in form of Gift. Pls guide is this would be right? Secondly if not gift then would it be advisable to show as unsecured loan that i shall kep paying with interest? Third, will there be any tax-ability in this case to transferor and transferre? pl guide Regards
CA R SEETHARAMAN
(Expert)
12 May 2019
Treat it as gift no tax payable.
CA Rashmi Gandhi
(Expert)
13 May 2019
It's better your father will transfer you such amount in the form of gift.
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