Gift of Money
This query is : Resolved
09 January 2011
An assessee took Loan from Mother, Uncle , Aunt & Brother for starting Business. After 5 years the lenders want to gift the same to the assessee. Can they do so? whether the gift deed required to be executed & registerd?
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pr_sahane@yahoo.com
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pr_sahane@yahoo.com
09 January 2011
This is a case of extinguishment of right, Gift tax will apply.No dded is required to be executed.
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09 January 2011
It will not be liable for tax u/s 56(2) as it is a gift from relatives. All the 4 relatives mentioned above get covered for tax free receipt
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