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Un secured loan balance convert to gift accepted

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(Querist)
29 August 2020 I.t.assess unsecured loan from father Rs: 16,50,200/- balance as on 31.03.2020 in accounting books.
Question:
Assess balance amountRs:16,50,200/- convert to gift book adjustment in 2020-2021 accepted and sec 269 st provision applicable in I.t. act.
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CA Raj Doshi

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CA Raj Doshi (Expert)
30 August 2020 Can be done by way of a giftdeed. Generally advisable to do it by way of a will.

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