Taxability of gift of shares to relatives
This query is : Resolved
21 August 2012
Sir,
One of my client has gifted shares to his relative in financial year 2009-10 but no accounting entry has been passed till now.
Now in financial year 2011-12,we came to know about this transaction. Now how i should pass accounting entry and what will be the taxability of this transaction under Income tax act?
One of my client has gifted shares to his relative in financial year 2009-10 but no accounting entry has been passed till now.
Now in financial year 2011-12,we came to know about this transaction. Now how i should pass accounting entry and what will be the taxability of this transaction under Income tax act?
21 August 2012
its just a capital receipt, so you can take effect in past year also, as there is no taxability.
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
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
