1)can I make gift which is given as loan ( loans & advances) in past years..??
2) by whom I can take gift as per income tax act?
Already given amount in nature of loan cant be treated as gift now.
What you can do is take that money back and nullify loan account and give the same amount as gift with registered gift deed.
Relative definition is:
(i) spouse of the individual;
(ii) brother or sister of the individual;
(iii) brother or sister of the spouse of the individual;
(iv) brother or sister of either of the parents of the individual;
(v) any lineal ascendant or descendant of the individual;
(vi) any lineal ascendant or descendant of the spouse of the individual;
(vii) spouse of the person referred to in clauses (ii) to (vi);
CAclubindia
