23 February 2020
Sir, One I.t. individual person purchases of site ( assest) value.Rs10,00,000/-.if a person cash on hand balance as per books Rs.6, 00,000/- avalibale. My question: A person Remaining cash balance received below mentioned options is correct method. 1. Cash loan received from huf status 2. Cash loan received from different persons. 3. Cash gift received from family members.
19 March 2020
A person can arrange cash by taking loan from friends and relatives, HUF. He can get gift from relatives. Gift from specified relative is exempt from tax as per Section 56(2) of the Income Tax Act.
Relative – spouse, brother and sister of self and spouse, brother or sister of parents or parents in law, any lineal ascendant or descendant of self or spouse, spouse of any of the relatives mentioned here.