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  #1  
Old 04-03-2002, 01:29 AM
joh1234
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gift

Difference between gift and loan ?
If more than 20k are given as loan in a given year to a nephew to be returned in couple of years, is gift tax applicable here.
How soon and how late ,gift return can be filed and with what penalties,if any
  #2  
Old 04-03-2002, 03:13 PM
loku
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If the money is truly a loan, which means that you intend to have him repay the money, then it is not a gift and there is no gift tax return due.
  #3  
Old 04-04-2002, 12:15 AM
joh1234
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Thx for response.
Any paper work that is a must to show the intent to return or just mutual undertanding is good enough as long as refund is made.
Any issue giving a cheque for this purpose.

any limitations related to timeline in which it has to be paid
  #4  
Old 04-05-2002, 01:53 PM
loku
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It is not a requirement that there be paper work, but just to make it easier on yourself to prove the intent, it would be best if he signed a note for the amount of the loan, or at least an IOU. There is no specific time limitation.
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