gift

This query is : Resolved

CA. SANTOSH S KEWALRAMA (Querist)
Follow

18 May 2009 Suppose Mr X is prop. of a firm and in that firm MRS. X has unsecured loan. Whether unsecured loan of Mrs. X is converted into gift to Mr.X.

CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)
Follow

19 May 2009 No, It cann not.

Late CA Sampat Jain

Late CA Sampat Jain (Expert)
Follow

19 May 2009 if wife makes a gift to husband , there is no income tax benefit. Because the income will be clubbed with wife.

There is no bar on making gift to husband......

LOAN IS A RIGHT TO THE AMOUNT FROM A PERSON.THAT RIGHT IS RELINQUISHED WILL AMOUNT TO GIFT.

Upgrade to CAclubindia Pro. Subscribe Now!