Regarding treating advance as gift
This query is : Resolved
19 May 2012
Hi, Good Morning to all
can any one give me the solution of the below mentioned problem.My question is
one of my client has given the advance to his sister and treated this advance as Loans and Advance and filled his income tax Return.Now he change his mind and said me that he dont want that money from his sister and like to treat this advance as gift to relative.than my question is that can he do this means can he made gift deed this year or he has to made gift deed on past dated stamp paper.
can any one give me the solution of the below mentioned problem.My question is
one of my client has given the advance to his sister and treated this advance as Loans and Advance and filled his income tax Return.Now he change his mind and said me that he dont want that money from his sister and like to treat this advance as gift to relative.than my question is that can he do this means can he made gift deed this year or he has to made gift deed on past dated stamp paper.
21 May 2012
Dear Chirag !! Since, Your Client has already Filed Return you should not go for an unscrupulous Way of Old Dated Stamp Paper. the day on which he decided to gift the money to sister(after balance - sheet date of Filing Return) you may transfer money as Gift mentioning in the Gift Deed. More over, in the gift deed donor, receiver should Sign and include a clause of Natural Love and Affection as a cause of making gift. last but not the least: hope she is his real sister.
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