Gift be converted to loan

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1 Points Joined 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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27876 Points Joined May 2017
Gift can be registered and unregistered.
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On 04 March 2024 at 12:51
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Accountant
1227 Points Joined September 2015
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
86500 Points Joined April 2011
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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27876 Points Joined May 2017
Gift can be converted , MESSAGE ME DERAILS
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On 05 March 2024 at 09:11


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