SACHIN KANSAL (y) (56 Points)
25 February 2012whether Nanaji or naniji would be covered under linear ascendent for the purpose of sec 56(2)(vii).
And if YES, then whether loan can be received from them (senoir citizen neither having PAN number nor liable for filing ITR as total income not exceeding 2.5 lakh)
And if YES, GIft Deed is required or not.
Prateek Agarwal
(Sr. Executive - Finance & Accounts)
(1732 Points)
Replied 25 February 2012
HI,
Nanaji & Naniji are covered u/s 56(2)(vii) for the purpose of gift of money or immovable property.
Gift Deed is required.
P.S.: If there is a LOAN, then its not a GIFT.
In case of a gift, GIFT DEED is required.
In case of a Loan, PAN is necessary.
Regards,
Prateek
CAclubindia
