savita mishra (teacher) 07 February 2012
hello
can cash gifted for starting a venture be asked back for?If yes then what are the imlications?the mode chosen for investing in the venture is in the form of "gift".The person in question will be a sleeping partner in the venture.the venture has two other partners.the sleeping partner wants to draw interest from the gifted money after one yr from the commencemnt of the venture.
POOVENTHERA RAJAN (Taxation Advocate) 08 February 2012
Gift became absolute once the donee accept the gift and it became operational. Hence such gifts cannot be adversed back
Vineet (Director) 11 February 2012
Hoe come money gifted to a firm????
Appears it was unaccounted cash invested in business venture by benami person who now wants his RETURNS!!!!
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