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(Querist)
09 July 2009 A,B,C,D are relatives as per IT Act

A need to repay loan to C 100 and D 80 for that he gets gift from B 40 C 20 and D 20 and 20 of its own repays to C 100 than C gifts back 80 to A and A repay loan to D 80 is it possible??

all the above transactions are done by account payee cheque??
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NITIN

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NITIN (Expert)
10 July 2009 It shows only adjustment of account. Therefore just made some time gap while making such transaction Pay full amount of C

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