Loan given by father to son - later converted into gift
This query is : Resolved
14 November 2016
if father gives interest free loan to son initially .
after 2-3 years can the same be treated as GIFT by father to son by executing gift deed. both father and son agree to it.
14 November 2016
yes , you can Create Gift Deed for Record .
14 November 2016
sir initially it was interest free loan.
after 3 years can it be treated as gift by executing gift deed of PRESENT date.
14 November 2016
can I write off the loan from the books and credit it in my capital account and prepare
14 November 2016
yes, but please Create gift Deed for same
14 November 2016
same provisions for loan given to wife as well
14 November 2016
is there any problem in giving wife and son interest free loan
17 October 2021
In case of wife, due to clubbing provision, gifting may not be fruitful.
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