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Loan/gift

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 December 2015 I had taken 10 lac's from my daughter in law about 4 months back through bank transfer as I had to make some urgent payments.Now I am in a position to pay it back. kindly suggest me what to do so that I don't have problem in accounting for Assessment year 2016-17.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
08 December 2015 no problem. Assure two things:

1. prepare a loan deed.

2. repay through cheque only.
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Querist : Anonymous

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Querist : Anonymous (Querist)
08 December 2015 Is it necessary to make a deed
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
08 December 2015 see what I suggested is to help you avoid any future complication.

Rest is your discretion!

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