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....
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)
.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CLOSING STOCK QUERY
- Gst on travel by air for business purposes
- GST ISD Query on various AMCs
- Query regarding reporting of exempt foreign remuneration in ITR
- Rent claimed on building given on permissive possession basis
- Taxation on Old jewellery sold
- PF wage ceiling
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- Short Term Gain Reporting ITR
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
