In case of individual TAX AUDIT, Unsecured Loan of ₹ 5 lacs is converted into GIFT. Where should we report this transaction in Tax AUDIT report 3CB 3CD. Gift is u/s 56(2) i.e., from the relatives.
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Loan convert into Gift. Reporting in Tax AUDIT REPORT 3CD
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Does the relative fall under the definition of relative as per income tax act
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