Sirs:
On the death of the husband, the husband's friends gave some money , on a compassionate ground, to the 2 minor sons for the purpose of furthering their education. Number of friends -16 , who gave their money by bank Transfer/ cheque to the sons' Bank Account ( jointly with mother). Whether such money ( more than Rs. 2.00 Lakh) would be taxable in the hand of the mother?
Kindly suggest any means to avoid tax, if at all payable by the mother.
Technically we can assume it as Capital Receipt, No revenue Generated, So you can ignore the same
Dear Mr. Prakash.
Is it not deemed GIFT from non-relatives? .
If it is CAPITAL RECEIPT, is it not advisable to show it as Interest Free Long Term Loan / advances to be repayable in future?
Awaiting your vakued suggestion.
Dear Mr. Prakash.
Is it not deemed GIFT from non-relatives? .
If it is CAPITAL RECEIPT, is it not advisable to show it as Interest Free Long Term Loan / advances to be repayable in future?
Awaiting your vakued suggestion.
CAclubindia
