How to show the jewelery recd as gift on marriage in the a/c
This query is : Resolved
16 October 2011
Dear Experts,
Plz tell me, how to account the jewelery recd from relatives, friends etc on the occasion of marriage in the personal account.
Thanks in advance,
Regards,
Sushil.
Plz tell me, how to account the jewelery recd from relatives, friends etc on the occasion of marriage in the personal account.
Thanks in advance,
Regards,
Sushil.
17 October 2011
you can do so by following entry.
jewelery A/c Dr(value of jewelery recd)
To Capital A/c
Note that any asset or money received from anybody not only from relatives, on the occasion of marriage is exempt from tax.
jewelery A/c Dr(value of jewelery recd)
To Capital A/c
Note that any asset or money received from anybody not only from relatives, on the occasion of marriage is exempt from tax.
Message likes :
1 times
17 October 2011
Yes any gift received from any body on the occation of marraige is exempt from tax
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Import license renewal
- Inventory of finished goods
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
