Tax on 20,00,000 gift loan
This query is : Resolved
08 September 2014
Hi ,
I am a salaried employee with an annual salar betwen 5 to 10 lac per annum.
My cousin(Chacha's son) wants to deposit a cheque of 20, 00, 000 in my account.
He is saying that he would with take it from me later.
I have few queries :
Shall I take it from him?
Am I liable to pay IT on it?
Thanks in advance.
I am a salaried employee with an annual salar betwen 5 to 10 lac per annum.
My cousin(Chacha's son) wants to deposit a cheque of 20, 00, 000 in my account.
He is saying that he would with take it from me later.
I have few queries :
Shall I take it from him?
Am I liable to pay IT on it?
Thanks in advance.
08 September 2014
Dear Prakhar,
As you mentioned he (your cousin) will take it later from you (you are going to pay it back him) then it will be treated as Loan (and not income) in your books, hence there will be no tax.
As you mentioned he (your cousin) will take it later from you (you are going to pay it back him) then it will be treated as Loan (and not income) in your books, hence there will be no tax.
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