Is Gift Income or Assets
Anoop Jain (107 Points)
26 May 2022I got received Gift in cheque form from my uncle
so is this my income or Assets
what consider in my personal books of this gift
income or Assets?
Anoop Jain (107 Points)
26 May 2022
Kev Men
(788 Points)
Replied 26 May 2022
CA Raj Doshi
(Practising CA)
(8903 Points)
Replied 27 May 2022
Nidhi
(Chief Accountant)
(3150 Points)
Replied 27 May 2022
prasad Nilugal
( GST Practitioner & Accounts )
(14581 Points)
Replied 28 May 2022
If you are proprietor it is neither income not asset , add same gift in Capital account, pass entry .
Bank. A/c Dr
To Capital A/ c Cr
( Being gift cheque received from Uncle )
Not Taxable in the Hands of recipient as per section 56(2) of the Income tax act as stated above .
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)