Gift from Relative property

Vikash (G) (393 Points)

15 December 2021

I have received property from relative without any consideration value does i require to show that in Itr

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Tanuj Chandra Saxenaa (Company Secretary) (7075 Points)
Replied 15 December 2021

No need to report in itr if property is received without consideration from a relative

Vikash (G) (393 Points)
Replied 15 December 2021

How to show this in my balancesheet or capital account

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sabyasachi mukherjee (27574 Points)
Replied 15 December 2021

Not required

Mujeeb rahuman (Audit assistant) (101 Points)
Replied 15 December 2021

Yes, have to credit capital account with govt value and debit fixed assets and then should show as other sources exempted gift income

Madhavi Pandit (78 Points)
Replied 16 December 2021

Under Income tax act gift from relative is not taxable. The cost will be cost to the previous owner.

We cannot show it in Balance sheet at Market value and depreciate.

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