Gift tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 September 2013
Does a gift of Rs. 500000/- given to relative reflects in B.S. if so, how to do ? Is it taxable ?
17 September 2013
Gift to relatives is exempt from tax. The same shall be debited to the donor's capital account in the balance sheet i.e. reduction from capital account.
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