Gift

Hi,

I am a salaried person. We also have a family business of transport which is in the name of my mother.

We have purchased 2 new trucks in my mother's name. For that purpose we have taken a bank loan in my mother's name.

Now, for the purpose of initial down payment, i transferred 3 lakhs from my salary account to the transport bank account. Can i show this a a gift given to my mother. Or i shall show it as a loan to her.

What will be the tax implications. Also, i have taken a personal loan of 3 lakhs an have paid this amount from the loan money received. Please suggest me the tax implications.

Regards,

Naresh Kothari.