Regarding loan

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accountant
564 Points Posted on 29 May 2020
respected all members
Mene ek shop sale kiya he 600000
ab vo 600000 mere uncle ko trasnfer kiye he to please suggest me loan show Kar sakte he ki gift.
thank u advance
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On 29 May 2020 at 23:44 Report
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Quick Summary
A user sold a shop for £600,000 and transferred the money to their uncle. They are seeking advice on whether this should be declared as a loan or a gift. The consensus is that it should be shown as a loan to avoid the uncle incurring a taxable gift liability. The sale of the shop itself is also taxable under Capital Gains Tax.

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158 Points Posted on 30 May 2020
Apko loan show karna hoga kuki agar apne ye gift show kiya toh ye apke uncle ke liye taxable ho jaegi.
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On 30 May 2020 at 08:21
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accountant
564 Points Posted on 30 May 2020
But sir uncle to relative me aate he na
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On 30 May 2020 at 10:17
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158 Points Posted on 30 May 2020
Uncle relative apke liye hai...lekin yaha gift vo receive karenge toh hume unke point of view se dekhna hoga and as per income tax act app unke relative nahi ho that means agar vo apse gift receive karenge toh vo taxable hoga.
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On 30 May 2020 at 10:20
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133 Points Posted on 30 May 2020
Sale of shop 600000 taxable hoga under Capital gain
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On 30 May 2020 at 12:28
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accountant
564 Points Posted on 30 May 2020
Thank u sir 👍
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On 30 May 2020 at 19:41

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