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Gift received and given

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(Querist)
09 September 2012 please make me understand that, when we can treat gift received and gift given in balance sheet under the capital account.
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CA Ilayaraja

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CA Ilayaraja (Expert)
09 September 2012 Gift received when u receive any gift in kind or cash. It should be shown as addition to capital.
Gift given when u give gift to someone in kind or cash. It should be shown as deduction from capital account.

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