Please Help: Gift Deed
Posted Date : 19-May-2012 , 10:26:24 am | Posted By Paras Barasara
Suppose one person give advances to other person (Blood Relation), now is it possible to treat same advance as gift after 2 or 3 year with fresh Gift Deed.
Category : Income Tax | Answers : 1 | Comments : 1 | Hits : 272
Answers
Answer By: Rishabh Upadhyay
Its a matter of book entry.. you can either show the advances as paid back and receive the same amount as gift with fresh gift deed
Comments
V.VIJAY KUMAR
19-May-2012 , 11:59:47 amYes, you can very well treat this as a Gift.