Gift of proprietorship firm
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 October 2013
I RECEIVED GIFT FROM MY FATHER A PROPRIETORSHIP FIRM WITH ASSETS & LIABILITIES WHOSE PROPRIETOR IS MY FATHER.HIS CAPITAL INFIRM IS TAKEN AS LOAN BY ME AS PER DEED. HOW WILL I SHOW THIS GIFT IN INCOME TAX.
28 October 2013
First thing proprietorship can never be transferred. Whatever you have received from your father is either gift or loan.
Secondly when you have shown your father's capital as loan in deed you cannot show it as gift.
Either change the deed if possible or show it as loan in your balance sheet.
Secondly when you have shown your father's capital as loan in deed you cannot show it as gift.
Either change the deed if possible or show it as loan in your balance sheet.
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 October 2013
I HAVE SHOWN THE CAPITAL OF MY FATHER AS LOAN FROM 1-4-2012. I RECEIVED GIFT ON 1-4-2012. IS IT LEGALLY RIGHT FROM THE POINT OF VIEW OF INCOME TAX.PLEASE REPLY IMMEDIATELY
30 October 2013
You cannot treat the receipt of funds both as gift as well as loan sir.
Hence, you either treat it as loan or treat it as gift.
If you have received gift it is completely exempt from income tax irrespective of the amount.
If you have received both loan and gift on the same day or different dates, you treat loan as loan and gift as gift
Hence, you either treat it as loan or treat it as gift.
If you have received gift it is completely exempt from income tax irrespective of the amount.
If you have received both loan and gift on the same day or different dates, you treat loan as loan and gift as gift
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