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Should I go for GTA or Loan deed?

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(Querist)
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
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
25 January 2021 Take it as a gift or loan no problem. Get the payment through bank.
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
26 January 2021 No need to show it as an exempted income as you have received loan not gift.
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