banner_ad

Adjustment of advance received as Gift from relative

This query is : Open 
Profile Image

Profile Image

(Querist)
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 ?
Profile Image

CA R SEETHARAMAN

Profile Image

CA R SEETHARAMAN (Expert)
26 April 2021 Yes, it can shown as gift received.
Profile Image

CA. Aditya Goel

Profile Image

CA. Aditya Goel (Expert)
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details