Personal
This query is : Resolved
29 August 2011
MY UNCLE GIFTED ME RS 1 LAKH CHEQUE WHICH I HAD DEPOSITED IN MY A/C HAD GIVEN TO SOME OTHER PERSON AS LOAN @12% P.A
MY QUESTION IS THAT HOW TO ACCOUNT THIS TRANSACTION IN MY UNCLE BOOK AS WELL AS IN MY BOOKS? CAN I SHOW THIS AS GIFT ? IS THERE ANY TAX ARISE TO ME OR MY UNCLE? FOR DIVERSION OF INCOME FURTHER MY UNCLE HAD ALSO GIFTED CHQ TO MY AUNT
WHAT TO DO
EXPERT ADVISE REQUIRED.
THANKS IN ADVANCE
MY QUESTION IS THAT HOW TO ACCOUNT THIS TRANSACTION IN MY UNCLE BOOK AS WELL AS IN MY BOOKS? CAN I SHOW THIS AS GIFT ? IS THERE ANY TAX ARISE TO ME OR MY UNCLE? FOR DIVERSION OF INCOME FURTHER MY UNCLE HAD ALSO GIFTED CHQ TO MY AUNT
WHAT TO DO
EXPERT ADVISE REQUIRED.
THANKS IN ADVANCE
29 August 2011
1. Your uncle gave Rs. 100000 to you.
If you want to show the same as gift, then first define the relation between you and your uncle. Some relations are exempt from tax in case of gift.
Your uncle will simply debit his capital a/c and show this as a gift while you will credit your capital a/c.
If you want to show the same as gift, then first define the relation between you and your uncle. Some relations are exempt from tax in case of gift.
Your uncle will simply debit his capital a/c and show this as a gift while you will credit your capital a/c.
29 August 2011
In case a husband gifts anything to his wife, then the income arising from such source is clubbed in the hands of the husband even though there is no tax on the gift as such.
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
- Tax on capital gains revoked us 54f
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Inventory of finished goods
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Confusion around Form 26QB fields
- Applicability of Ind As to associate of associate
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Filing of Form 10BB instead of Filing Form 10B
- Sale of property furniture sale
- Refund of AY 22-23
- Last year input claim shown in gstr9
- GST Registration Cancellation books of accounts asked by officer
- TDS Deduction Online Learing Platform
- Point (III) 9 of GSTR-9C
- As per our records, find the below outstanding demand(s)* and interest payable u/s 220(2):
- Regarding transaction th. credit card
- HSN Details in IFF/GSTR-1 & in GSTR 9
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
