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Funda from relatives

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10 September 2010 I had taken some money from my father in law through cheques which I deposited in my account

What are the tax implications if any. can I treat cheque amount from my father in law as Gift or borrowing.
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CA. BIJENDER KR. BANSAL

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CA. BIJENDER KR. BANSAL (Expert)
10 September 2010 Father in law is covered under the defination of relative.
You can show it Gift , if it is non-returnable.
If it is to be return, then you can show it borrowing.

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