Namaskar everyone, what is the consequences under income tax act if a father gives cash of Rs. 2 lacs to his major son as gift or as unsecured loan?
(For Business purposes)
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Cash Loan from Relative's
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If father given as gift is tax free. but he should have cash balance in his books of accounts ..
100% penalty on cash received as loan in excess of 20,000. refer section 269ss, 269st and 269t.
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