Unsecured lone to Family members
This query is : Resolved
08 September 2023
Dear sir
i have 30lacks Unsecured lone From my father and family member in books
so now how can i clear that ...can we treat as gift please advise me
thank in Advance
i have 30lacks Unsecured lone From my father and family member in books
so now how can i clear that ...can we treat as gift please advise me
thank in Advance
08 September 2023
Yes, treat it as gift.
08 September 2023
Yes, You can treat the same as GIFT.
Gifts received by individuals from their relatives are generally not taxable. Relatives are defined to include parents, grandparents, siblings, spouse, and lineal descendants.
Gifts received by individuals from their relatives are generally not taxable. Relatives are defined to include parents, grandparents, siblings, spouse, and lineal descendants.
09 September 2023
Thank u sir
and in my books i will close it Treat as Gift and their Books how to close witch is under loans and Advance ...is there specified Limit to Take Gift From Parents ...under witch Head and and section ???
please suggest me
and in my books i will close it Treat as Gift and their Books how to close witch is under loans and Advance ...is there specified Limit to Take Gift From Parents ...under witch Head and and section ???
please suggest me
09 September 2023
Their books also close it as gift. No limit for gift.
02 August 2024
Thank u sir but i spoke with one my Auditor and he says up to 50000/- only exempt more then that is taxable so please tell me under witch section is not Applicable
thank u sir
thank u sir
02 August 2024
Gift from relatives exempt.
For non relatives only 50,000 limit applicable.
For non relatives only 50,000 limit applicable.
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