26 April 2021
Rs.7.00 Lac was taken by me from one of my close relative vide Bank cheque during FY 2019-2020,which was shown by me as Advance received. and the payer showed it as Advance paid . Whether the said advance received may be shown by me as Gift received during FY 2021-22 as agreed by the payer ?
27 April 2021
it can be shown as gift but shall be taxable unless this relative is covered u/s 56(2) would suggest to get a gift deed - not mandatory but advisable.
CAclubindia
