Advive please

This query is : Resolved

Rahul Bansal (Querist)
Follow

10 September 2011 If a child gives money to his parents ,,,,,,,,,,,,whether it be considered as a gift or a loan......?

if consider as a loan.....then what will be tax implication ?

if consider as a gift.....tax implication ?

further those money then invested by his parents in shares ...what will be tax implication ?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

20 September 2011 You have to see the actual intention of the transaction.

The sum of money was given with an intention to recieve it back or was it given as a gift.

Anyways,there is no tax implication in both the cases.

Gift is exempt if received from a relative

Rahul Bansal

Rahul Bansal (Querist)
Follow

21 October 2011 tnx. siddhartha........

Upgrade to CAclubindia Pro. Subscribe Now!