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Gift

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(Querist)
23 July 2012 i had received some amount from my father in the F.Y. 2007-08 & again in F.Y.2008-09
Till now i am showing that money as unsecured interest free loan in my capital a/c.
Now my father want to gift me that money.
Please let me know after a gap of 4-5, how to show this loan as gift in ITR.
Thanks
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CA mahesh birla

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CA mahesh birla (Expert)
23 July 2012 you make a gift deed and transfer the loan amount in capital account.
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PRAVEEN JAIN

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PRAVEEN JAIN (Querist)
23 July 2012 Is it permissible to make a gift deed in current date and how to show that in ITR
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CA mahesh birla

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CA mahesh birla (Expert)
23 July 2012 as your loan is converting in gift as on date so you execute deed on current date.

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PRAVEEN JAIN

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PRAVEEN JAIN (Querist)
23 July 2012 Thanks Sir for replying

Kindly let me know how to show this gift in ITR
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Guest

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Guest (Expert)
24 July 2012 Dear Praveen....

There is no need to shown gift in ur ITR
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SANYAM ARORA

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SANYAM ARORA (Expert)
24 July 2012 No Need to show In ITR
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
08 October 2021 You can declare it under Schedule 'Exempt Income'
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