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Gift from wife to husband

15 September 2023

I got 50,000 rs to my savings account as a gift from my wife's savings account.How me and my wife have to shown these in our book of accounts?

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7 Replies

RAJA P M ("Do the Right Thing...!!!") (127177 Points)
Replied 15 September 2023

Keep it in capital....

1 Like

Suresh Kumar (Account) (403 Points)
Replied 15 September 2023

How to pass entry for received gift - A/c entries - Accounts https://www.caclubindia.com/forum/how-to-pass-entry-for-received-gift-171286.asp

sabyasachi mukherjee (26073 Points)
Replied 15 September 2023

It's very simple Sec 56(x) (2) exceptions.

NARENDRA (ACCOUNTS MANAGER) (1492 Points)
Replied 21 September 2023

you will have to show this 50000 as a liability in your books on the name of your wife & in your wife's account - your name has to show under debtors side .

1 Like

RAJA P M ("Do the Right Thing...!!!") (127177 Points)
Replied 21 September 2023

Originally posted by : NARENDRA
	you will have to show this 50000 as a liability in your books on the name of your wife & in your wife's account - your name has to show under debtors side .

Hi Mr Narendra,

Why it's under the head as per you...??

Please share, Is there any reason...???

NARENDRA (ACCOUNTS MANAGER) (1492 Points)
Replied 21 September 2023

Yes you are right Sir, one should be kept in Capital ..............

ellen4 (IT internship) (26 Points)
Replied 21 September 2023

From an accounting perspective, this transaction is often not recorded in your personal financial records because it's considered a transfer of funds within the family. However, it's still a good practice to maintain clear records of all financial transactions. You and your wife may want to keep records of the gift in your personal financial journals or records as a matter of personal financial management.