HI to all....I want to share one quary , I am finalize the balance sheet of my Individual employer.....the quary is last year 2009-10 b/s shows unsecured Loans from relatives (father, brother in law and wife) and shows in annexure as "'PARTICULARS LOANS OR DEPOSIT U/S 269SS/269T"...... In 2010-11 can i transfer the loan from relatives covered U/s56(2) to capital a/c and made Gift Deed in this refrence...... is this transaction is valid in the eye of income tax law U/s 269SS....if yes than how can show this in annexure as "'PARTICULARS LOANS OR DEPOSIT U/S 269SS/269T"
CAclubindia
