Loan taken from parents

[VIGNESH]

sir, client has taken a loan from parents and on demise of the parents , loan was treated as capital receipt . now notice received to treat the same as profit and chargeable under income from other sources! i need guidance on the issue, kindly clarrify

AI Summary

Loan from Parents Considered Capital Receipt; Notice Challenges as Income Source Profit under Tax Law A client took a loan from their parents, and upon the parents' demise, the loan was considered a capital receipt. However, a notice was received to treat the loan as profit and charge it under income from other sources. The client seeks guidance on this issue. A respondent requested further details, including the notice and loan facts, to provide assistance.