Accounting & tax liablity of gift
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 July 2013
A Machinery i.e. laptop(gift) from non-relative costing 150000/-.
How accounting to be done and what will be the taxable value??
Your advice is invited.
thanks....
How accounting to be done and what will be the taxable value??
Your advice is invited.
thanks....
CA PARAS BAFNA
(Expert)
04 July 2013
You have to show the income of Rs 150000/-under Income from Other Sources and tax will be computed with income under other heads.
.
For accounting purpose Debit Laptop a/c and credit capital account by narrating the fact as received gift from (Name of the Donor)
.
.
For accounting purpose Debit Laptop a/c and credit capital account by narrating the fact as received gift from (Name of the Donor)
.
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