Should I go for GTA or Loan deed?
This query is : Open
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24 January 2021
Hello sir,
My name is Tushar Chaudhari.
I have to clear my loan, so I am going to take 10 lacs from my brother. I am going to repay the whole amount to my brother in future. As per Gift Tax Act, the amount I will receive from my brother is not taxable to me but I want to clarify that should I show it in my ITR as 'Exempted Income' or should I do a loan deed?
Your response will be very helpful for me.
Thank you.
Tushar
My name is Tushar Chaudhari.
I have to clear my loan, so I am going to take 10 lacs from my brother. I am going to repay the whole amount to my brother in future. As per Gift Tax Act, the amount I will receive from my brother is not taxable to me but I want to clarify that should I show it in my ITR as 'Exempted Income' or should I do a loan deed?
Your response will be very helpful for me.
Thank you.
Tushar
25 January 2021
Take it as a gift or loan no problem. Get the payment through bank.
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26 January 2021
No need to show it as an exempted income as you have received loan not gift.
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