Gift/loan
This query is : Resolved
12 October 2015
Some amount around 50 lakhs was givem to brother without any considrtation & it is not returnable . Source of money for giver is compensation. Now notice is received from it deptt. What should I do I mean whether I must show this as a gift or loan. We have not done documentation but amount is received by cheque.
13 October 2015
Show it as gift and have a gift deed in plain words mentioning the cheque details in plain paper signed by witness.
13 October 2015
Thanks sir
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