Gift

This query is : Resolved 

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

23 July 2012 you make a gift deed and transfer the loan amount in capital account.

23 July 2012 Is it permissible to make a gift deed in current date and how to show that in ITR


23 July 2012 as your loan is converting in gift as on date so you execute deed on current date.


23 July 2012 Thanks Sir for replying

Kindly let me know how to show this gift in ITR

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

There is no need to shown gift in ur ITR

24 July 2012 No Need to show In ITR

08 October 2021 You can declare it under Schedule 'Exempt Income'




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