Taxation
This query is : Resolved
CA Surbhi Aggarwal
(Querist)
17 March 2017
If husband give loan to wife to purchase property , but wife cannot repay loan . Can loan be waived off ?
Both husband and wife has different source of income. And the property is purchased by husband , in which both are co-owner , but for some reasons it is shown as purchase by wife for 50 % part , from loan taken from husband.
Please reply .
Both husband and wife has different source of income. And the property is purchased by husband , in which both are co-owner , but for some reasons it is shown as purchase by wife for 50 % part , from loan taken from husband.
Please reply .
CA Chandan Sharma
(Expert)
17 March 2017
Show the amount paid to husband as gift instead of loan and prepare a gift deed. Though the gift deed is not as relevant in case of husband and wife, it is advisable to prepare the deed
CA R SEETHARAMAN
(Expert)
17 March 2017
If loan is waived off then clubbing provision is applicable.
CA Surbhi Aggarwal
(Querist)
17 March 2017
But it is already shown as loan in books of respective persons , can now that be converted to gift deed ?
And if we can do so , then also clubbing provision applicable ?
And if we can do so , then also clubbing provision applicable ?
CA R SEETHARAMAN
(Expert)
17 March 2017
If converted as gift then clubbing provision applicable.
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