sir,
In F/Y 2013-14 my uncle has taken ₹ 45000/- as unsecured loan on 06/06/2013. But my uncle expired last month with a heart attack.. till then no payment was made by my uncle against above loan given to him.My Question is : A) can i take cheque from my Auntie for the above or what can i do to nullify the loan so that no issue is raised as per IT act.
Handling Deceased Uncle's Unsecured Loan: Options for Settling with a Cheque and Avoiding Income Tax Issues An individual inquired about handling an unsecured loan of 45,000 taken by their deceased uncle in the financial year 2013-14. The uncle passed away without making any payments on the loan. The individual asked if they could accept a cheque from their aunt to settle the loan and avoid issues under the Income Tax Act. A respondent advised checking the uncle's financial records to identify any assets or investments and suggested claiming a share from the person inheriting the uncle's estate. (AI Summary)
TaxTMI 
TaxTMI 
