13 September 2019
In my books I have liabilty of loan take from my brother since 10 years, but now I do not have to repay that any more as my brother has forgone the same, can I show it as a gift and remove from my books? What will be the tax implication?
13 September 2019
Yes, you can treat the link an as gift from your brother , but you must get it in written from your brother. Gift from brother is exempted under income tax act, not taxable.
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