Gift cash amount presentation in itr
This query is : Open
30 March 2016
Sir,
An Amount of 60 Lacs is Gifted to an assessee by his Father 25 Lacs and his Mother 35 Lacs out of their own Accumulated Funds for commencing a Sole Proprietorship Business.
How will the amount be Shown in the Income Tax Return of the Assessee and His Fathers and Mothers Return?
And under Which head the 60 Lacs Rupees be Shown in the Balance Sheet of the Assessee..?
Can Father Mother of an assessee gift the specified sum in CASH to the assessee??
An Amount of 60 Lacs is Gifted to an assessee by his Father 25 Lacs and his Mother 35 Lacs out of their own Accumulated Funds for commencing a Sole Proprietorship Business.
How will the amount be Shown in the Income Tax Return of the Assessee and His Fathers and Mothers Return?
And under Which head the 60 Lacs Rupees be Shown in the Balance Sheet of the Assessee..?
Can Father Mother of an assessee gift the specified sum in CASH to the assessee??
30 March 2016
Gift to the relative is exempted under income tax. Father and Mother are covered under the defination of relative. Hence no tax at all provided proper Noterise Gift deed on record.
Gift is a Capital Account transaction, hence no impact on profit and loss account.
You can directly add the said amount under Liability Side - under the head of Capital Account and Asset Side - Cash Account (If in cash).
Father/Mother can Gift to assessee in Cash provided in there Balance-sheet this much of Cash available.
Gift is a Capital Account transaction, hence no impact on profit and loss account.
You can directly add the said amount under Liability Side - under the head of Capital Account and Asset Side - Cash Account (If in cash).
Father/Mother can Gift to assessee in Cash provided in there Balance-sheet this much of Cash available.
30 March 2016
Sir,
1. How will the amount of gift be reflected in IT return of father and mother of that assessee?
2.Is it cumpolsory to reflect the amount of Gift in the IT Return of the father and mother of the assessee??
3. The amount of Gift has to be Noterised in Court Paper..??
1. How will the amount of gift be reflected in IT return of father and mother of that assessee?
2.Is it cumpolsory to reflect the amount of Gift in the IT Return of the father and mother of the assessee??
3. The amount of Gift has to be Noterised in Court Paper..??
30 March 2016
Sir
Under the Capital Account, is It Essential to Show the Gifted Capital and Own Capital Segregated or just to put the whole amount of capital without segregation??
Under the Capital Account, is It Essential to Show the Gifted Capital and Own Capital Segregated or just to put the whole amount of capital without segregation??
30 March 2016
Separate disclosure would be preferable in the year of Gift.
On Stamp Paper of Rs. 100 gift deed can be prepared and do the Notary.
On Stamp Paper of Rs. 100 gift deed can be prepared and do the Notary.
Message likes :
1 times
30 March 2016
SIR
The amount has been wrongly reflected as unsecured loan in the IT return of the assessee for the AY 2013-14. Can that return be Revised and that same be shown at Capital Account..??
Is it Possible in any Ground for Revision of that Return?
Please Help.
The amount has been wrongly reflected as unsecured loan in the IT return of the assessee for the AY 2013-14. Can that return be Revised and that same be shown at Capital Account..??
Is it Possible in any Ground for Revision of that Return?
Please Help.
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?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- 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
- Should I report my US salary for January, February, March in Schedule FA?
- Tds on building rent monthly
- 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
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
