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Gift or Loan
Husband gave Rs 5 lakh cheque to his wife. Later wife gave Rs. 2 lakh cheque to husband. Can we show it as net gift of Rs. 3 lakh in books.
Replies (4)
No. Treat it as loan...
reason for treating it as loan ? had there was no return can I treat it as gift (close relative / blood relation allow as per my understanding ).
No question of NET GIFT.. because gifts are not reversible....
Hmmm.
but do I have the alternative to show gift at gross value (without netting)
gift from husband to wife 5 lacs
gift from wife to husband 2 lacs
(because already shown 1 st transaction as gift .)
Further if wife use amount for business purpose whether clubbing provisions apply ?
but do I have the alternative to show gift at gross value (without netting)
gift from husband to wife 5 lacs
gift from wife to husband 2 lacs
(because already shown 1 st transaction as gift .)
Further if wife use amount for business purpose whether clubbing provisions apply ?
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