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Gift or Loan

Anonymous (Business) (240 Points)

21 July 2018

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.

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4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160611 Points)
Replied 21 July 2018

No. Treat it as loan...

Anonymous (Business) (240 Points)
Replied 22 July 2018

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 ).

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160611 Points)
Replied 22 July 2018

No question of NET GIFT.. because gifts are not reversible....

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Anonymous (Business) (240 Points)
Replied 22 July 2018

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 ?