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Gift vs loan

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(Querist)
20 September 2013 If a person accepting amount of rs.35000/- by cheque from the relative as a gift for reducing cash negativity instead of treating it as a loan ....whether this practice is valid in the income tax act or not
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Ankit

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Ankit (Expert)
20 September 2013 Yes ankita ..i don’t think there should be a problem…

You can just make a gift deed for the same
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ankita

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ankita (Querist)
20 September 2013 ok thanks
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