i hv a client he got retired and recd a sum from his organisation
his relative who is in business told him to gv him money and he will show it as loan in his bks and gv him cheque for that amt
so my client agreed
bt nw his relative is saying that my client shud gv money and he will show it as gift in his bks will it effect my client
in consideration wid tax implications?
it will not make an impact on ur client beacuase ur client have the proof that from where he has that sum ....the question is of oly relative but in that case ur clint must be ready for such steps ....ur client may have to face income tax like from where he has such a amount to give as gift to oters .....okk....but thts alright if he has the proof ....
nope he won't be asked such a question ...in that case ur clients should be firm that they are relatives and he as gifted the same through the feeling of affecton only ....(relation only .....)okkk....
yup ...ur welcome ........:-)
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