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Loan or gift

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Querist : Anonymous

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Querist : Anonymous (Querist)
30 August 2011 Dear Experts,
I purchased one property for 30L in 2008,to purchase it I recd through cheques 12L from my mother in Law 5L from brother in Law(husband's brother) and 3L from my husband all are Income Tax Payee, and the rest from my savings.
My question is whether I show amount recd as Loan(Interest free) or Gift(2008-2009)?
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U S Sharma

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U S Sharma (Expert)
30 August 2011 cross check the returns of the payees then decide.
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CA Hardik Bunha

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CA Hardik Bunha (Expert)
30 August 2011 you could show them as a gift for avoid tax & 269ss and 269t.
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