I have a client he has received 35 lacs from his brother in law as loan for business' , his brother in law transfer it from an pvt company account, does my client is taxable since he just has only the amount credited in bank details . does he faces any notice , since this is a relative party transaction gift tax is applicable , or shall he need any documents from brother in law to prove it as loan. What my client do to avoid notice shall he need to pay tax for that also ..
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Regarding taxabilty of Loan from an pvt company to individual
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Make a deed just in case and it will become a loan capital
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