Gold Coin Regards as Gift

Vipul Acharya (Account Officer) (641 Points)

21 October 2023

Gold Coin Received from Vendor of Rs. 45000 TDS u/s 194 R also deducted

We are a Pvt Ltd Co. how to show in books and also confirm accounting entry

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4 Replies

Yasaswi Gomes new (Finance ) (4479 Points)
Replied 22 October 2023

If receiver has to pay gift tax then

Dr. Gold coin (asset side)

Cr. Tds payable

Cr. Gift or discount received or promotion account

Yasaswi Gomes new (Finance ) (4479 Points)
Replied 23 October 2023

https://cleartax.in/s/how-are-gifts-taxed

sabyasachi mukherjee (26073 Points)
Replied 25 October 2023

In case the gold coin is received as a gift and fund paid via cheque or online no issue of any tax.

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CA Raj Doshi (Practising CA) (8735 Points)
Replied 06 November 2023

Dr Gold Coin Investment
Dr tds receivable
Cr Any other Income

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