Gift deed

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PRAVEEN JAIN (Querist)
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26 February 2013 I Received 10 lacs by way of cheque from my father as gift in the year 2008-09.
As it was exempted income. i never show the same in my ITR. I have no written letter or gift deed in my favour. Now my father want to make a gift deed for the amount gifted in year 2008-09.
Kindly advice, is it possible to make a gift deed in current for the gift made in 2008-09.
Kindly let me know the procedure..
Thanks

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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26 February 2013 It may be possible that you have not filed the ITR of the AY 2009-10.
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or, you may not be required to furnish Balance Sheet details in the ITR filed by you.
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A Gift Deed may be prepared on to_date mentioning the antecedents or things (Gift) took place earlier .
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PRAVEEN JAIN

PRAVEEN JAIN (Querist)
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27 February 2013 I have already filed my ITR up to AY 2012-13. but not furnished balance sheet details as i have submitted my ITR online as individual. and same situation is with my father.
Kindly advice, how to show in balance sheet of FY 2008-09, if i take a gift deed in cuuret date.

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CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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27 February 2013 You can show in the balance sheet by crediting the amount to your capital account
It is not required to show the balance sheet generally -except in the case of assessee carrying on business. Only thing of importance is that you should be in a position to explain the source of money which is either held by you or is being invested.. in a case where no balance sheet is being filed with the return.
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The Scheme of ITR, thus, can be utilised in the best possible favourable manner by the assessee.
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