Hi,
I am planning to start a new business and want to take 5 lakh from my father. he is not part of this new business.
does that require him to take any steps when he files income tax in coming march ?
what i am trying to ask his does he need to show some proff where this money is gone ?
Regards,
husen
You need to assure that the said amount is transferred to your account through account payee cheque or any valid bankin mode. If your father is having business activity and maintains books of account then he need to get the same accounted as advances or as gift. If he is having any other source of income then he need not to disclose the same in the return.
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