Loan from Parents, How to repay - Parents expired

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  1. sir i take Rs 2.06lacs from my father and my father expire on 04/11/2012 what can i do that amount which showing since 3 years in my balance sheet as liabilties
     
  2. Manoj Mehra

    Manoj Mehra Active Member

    You can show it as a gift received from your parents and it would be exempted from levy of tax in your hands.
     
  3. sir i have following document
     

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