In one of the case, For purchasing Residential property loan to the tune of Rs.3 Lacs taken from mother and for initial 2 years interest also paid on that but now can it be shown as gift from mother? if yes then how? and if not then what is the way out to set off the loan amount? In the same case if loan to the tune of Rs.1.25 LAcs given to brother as advances and since 5 years it is outstanding as balance only. Can it be shown as Gift to brother in year 2007-08 and how to disclose the fact at the time of filing the return?
