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Can unsecured loan be cleared by taking gift deed from family members
17-Jan-2023 (In Recovery Law)
I am sole proprietor and i have taken unsecured loans from family members since long time and i want to clear that unsecured loan through gift deeds. please answer the following questions related to the statement mentioned above 1)Is it possible to clear that loan amount by taking gift deeds from them ? 2)what are the tax implications on gift deed amount ? 3)is it necessary to get register the gift deeds ? 4) will there be any further complication from IT department ? also mention the precaution to take
Q1] what type of gift they want to give to you.
2Q. tax on gift deed is 1-2% on property value
3Q..yes it is necessary to registered gift deed so it will be valid
4Q...No, if your document is registered then no issues from ny department
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Adv. Syed Yakoob Zainulabedin
Hyderabad | 100+ Answers
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