Gift/unsecured loan
This query is : Open
11 May 2019
My father is transferring a small portion of his business to me for starting my business in same field.assets and liabilities being transferred value rs.50 lacs. I feel it would be good if the payment consideration id in form of Gift. Pls guide is this would be right? Secondly if not gift then would it be advisable to show as unsecured loan that i shall kep paying with interest? Third, will there be any tax-ability in this case to transferor and transferre? pl guide Regards
12 May 2019
Treat it as gift no tax payable.
13 May 2019
It's better your father will transfer you such amount in the form of gift.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- GST Regis.
- Tds on building rent monthly
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
