24 June 2016
Good morning everyone,
my query is
what are the consequences under income tax act if a father gives cash of Rs. 10 lacs to his major son as gift or as unsecured loan?
25 June 2016
but in India, generally a father gives loan or gift in cash to his children for starting any business or for purchasing any vehicle. So in that case or else anywhere is there any relief?
25 June 2016
Gift can be given in cash, loan has to be given through cheque only. Treat all payment from father as gift. Repayment of money from son treat it as gift from son.
CAclubindia
