Gift be converted to loan

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21 Points Posted on 03 March 2024

So I took a 10 lac rupees gift from my sister in 2016 by executing an unregistered gift deed and reported in income tax accordingly. 

Now I need to pay her back and since I have income tax problems demand in appeal. 

Can I convert that gift deed back into loan and pay her back the loan? 

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On 03 March 2024 at 23:19 Report
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Quick Summary
A user received a 10 lakh rupee gift from their sister in 2016, documented with an unregistered gift deed and reported for income tax. Now, facing tax issues, they wish to repay their sister and are asking if the gift can be retroactively converted into a loan. While direct conversion is generally not possible, other solutions may exist to address the situation.

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Profession
19978 Points Posted on 04 March 2024
Gift can be registered and unregistered.
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On 04 March 2024 at 12:51
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Accountant
688 Points Posted on 05 March 2024
No.. you cannot. but there might be other ways to manage this.
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On 05 March 2024 at 01:01
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Chartered Accountant
44442 Points Posted on 05 March 2024
Sir your problem need to be solved by personally understanding the reason of your demand. I DM you my contact details, discuss with me for clarification
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On 05 March 2024 at 02:49
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Profession
19978 Points Posted on 05 March 2024
Gift can be converted , MESSAGE ME DERAILS
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On 05 March 2024 at 09:11

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