Loan/gift to adult son - documentation required
This query is : Resolved
03 August 2017
Sir
I gifeted my son 3 lac rs and also gave him 5 lac rs loan for his study abroad.
what documentation should be done to record these transactions in case of scrutuny?
I gifeted my son 3 lac rs and also gave him 5 lac rs loan for his study abroad.
what documentation should be done to record these transactions in case of scrutuny?
03 August 2017
Since the gift amount is less, i'd suggest that you document it in a single paper listing out the details of such gift (for what purpose, by what way etc) and both you and your son can sign.
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