Hi Sir or Madam
As a result of bank transactions as there is a joint bank account
A proprietor is liable to his father 50 lacs
will it possible to show that 50 lacs as gift
if so is there any tax or gift tax applicable
Please advise
Thanks in advance
Gift Tax applicability
Kishore Nuthalapati (Accountant for multiple small entities) (154 Points)
26 June 2023