Loan from a brother
This query is : Resolved
13 September 2019
In my books I have liabilty of loan take from my brother since 10 years, but now I do not have to repay that any more as my brother has forgone the same, can I show it as a gift and remove from my books?
What will be the tax implication?
What will be the tax implication?
13 September 2019
Yes, you can treat the link an as gift from your brother , but you must get it in written from your brother. Gift from brother is exempted under income tax act, not taxable.
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