One of my Clients has recieved a gift from his Father .(.i.e. 2 Lakh Rs..)
Were shall i reflect this transaction in the balancesheet of ITR4. ??.
8 Replies
Phalgun
(Audit Manager)
(327 Points)
Replied 28 November 2011
Gift from father is not taxable. show it under exempted income column
Phalgun
(Audit Manager)
(327 Points)
Replied 28 November 2011
Gift from father is not taxable. show it under exempted income column
GOPAL AGGARWAL
(DOING NOTHING)
(1339 Points)
Replied 28 November 2011
PHLAGUN JI
GIFT FROM FATHER IS NOT AN EXEMPT INCOME BUT IT'S A CAPITAL RECEIPT AND SHOULD BE CREDITED IN CAPITAL A/C AS THIS WILL INCREASE YOUR CAPITAL
AND
SHOULD NOT BE SHOWN UNDER EXEMT INCOME COLUMN
CA VISHAL RANA,CS,B.Com,AMFI
(Chartered Accountant in Whole Time Practice)
(4354 Points)
Replied 28 November 2011
agree with gopal...gift from father is exempted capital transfer and shall be added in the capital of son
Phalgun
(Audit Manager)
(327 Points)
Replied 29 November 2011
Mr. Gopalji gift from relative is exempt so hence from father also exempt. But i agree that it should be taken into capital a/c.
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 04 December 2011
gift received from father should be capitalised because it is a capital receipt....
Recent Topics
- NRO Interest - Taxed at source and in Foreign Coun
- Clarity needed on effective date
- Income Tax Refund Deadline Shortened to Five Years
- Rectification Applications for Past GST Demands
- Where can I find a trusted provider to hire a skip
- GST Invoices Series
- FILING OF ITR AY 20-21
- CLAIMING OF U CLAIMED RCM
- Building construction works
- REGARDING GSTR-9 F.Y 2023-24
Related Threads
CAclubindia
