Mr.A gives Mrs.A a cash gift of 200000 and after 1year he is borrowing 200000 from her. what is the status of the situation as per income tax act?
1 Replies
Mayank Saini
(Student)
(123 Points)
Replied 21 December 2014
In 1st transaction for wife, it will be a gift to her from a relative so not taxable for her however Mr A will have to pay tax on 2lacs.
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