Conversion of loan into gift
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 March 2016
Dear Experts,
A son has given 5 lacs interest free loan to his father for business purpose after 2 year the both are satisfied to convert this loan into gift, plz let me know can it be done if yes what its procedure,
Thanx & Regard
Nidhi Goyal
A son has given 5 lacs interest free loan to his father for business purpose after 2 year the both are satisfied to convert this loan into gift, plz let me know can it be done if yes what its procedure,
Thanx & Regard
Nidhi Goyal
26 March 2016
First of all decide the in which financial year loan was given. if as per agreement loan was not interest free then do transaction of interest. Now you can covert the final amount of loan into gift. make a gift deed of Rs. 500/- stamp paper.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Donation Receipt u/s 80G
- TDS deduction (debit notes)
- Can a partnership firm become partner in a LLP ?
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- TDS on purchase of value vouchers for employees ?
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
