Amount transferred treated gift or loan

This query is : Resolved 

28 May 2021 Sir,
A it returns non filed person(son) rs:10 lacs balance in bank account.a person bank account closed after rs:10 lacs amount transferred to father bank account.
Question:
Above transactions treated gift or loan amount receiver books in it act.

28 May 2021 Treat it as gift being relative no tax payable.

29 May 2021 Consider as a gift (father son relationship) no tax liability


05 June 2021 execute gift deed for same you should have document for future reference for gift.



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