Akshit Jain
This Query has 5 replies

This Query has 5 replies

The deceased father nominated his elder son as the beneficiary of his fixed deposits in the bank. The elder son voluntarily wants to relinquish his fixed deposit claim in favor of his mother and would like the bank to issue a cheque/draft for the settlement proceeds in favor of the mother. There are 3 legal heirs - mother and two sons and there is NO dispute among the heirs. The bank insists that the settlement can be made only in favor of the nominee i.e., the elder son. How can the elder son enforce the settlement in favor of his mother? What are the legal options? Can he submit a relinquishment deed or something similar to the bank?


Wilson Yomso
This Query has 3 replies

This Query has 3 replies

04 November 2024 at 00:03

Not a CA , can we prepare balance sheet

I am not a CA or related to finance in any way .Can i prepare a balance sheet, Profit statement , cash flow by learning from youtube/internet and present it to concerned parties ? isthere any legal restriction ?


Daya
This Query has 1 replies

This Query has 1 replies

whether dividend distributed from profit of company after profit after tax.


Daya
This Query has 1 replies

This Query has 1 replies

What would be the accounting treatment of preliminary expenses and inoperative expenses and also for income tax purpose also.


Daya
This Query has 1 replies

This Query has 1 replies

03 November 2024 at 15:50

Accounting treatment for Fixed Assets

Advances paid against making building but some services not received due to cancel of contract , what would be the treatment for not reeving amount given as an advance from party, whether it should added to building cost or write off it or may be other way.


Daya
This Query has 1 replies

This Query has 1 replies

what would be the journal entry of sundry debtors write off.
and what would be impact on tax purpose.


CD SHARMA
This Query has 1 replies

This Query has 1 replies

Sir
I have given Rs 5 lacs on different dates to three persons without any consideration as details below :- 1 .my sister in law's husband
Rs. 2 lacs(saddhu bhai)
2. My sister in law's son 2
lac
3. My sister in law 'a daughter 1 lac for 3-4 months period on occuussion of marriage of her daughter and for their house construction.
All the above transaction made through online through phone pe

Question is that after 4 months they will return my
money through digital transactions.
Please confirm
1. Whether it is ok
2. Any tax complication will arise when I will receive my money from only one person ie from my saddhu bhai (they are going to retire after 4 months and after receiving his superannuation money from govt they will return my money)
Regards
CD SHARMA
🙏


Jacob Abraham
This Query has 1 replies

This Query has 1 replies

03 November 2024 at 09:28

Car Purchases in Daughter Name

We plan to purchase one Saloon Car costing Rs. 9,90,000 for my daughter. Funds are transferred from me, my wife and her brother to her account and she is transferring the same to Indus Motors.
She is employed. We all are filing tax returns.

Are there any tax implications?
What precautions, if any, do we have to take and are there any documents to prepare?
We are not taking any loans.

Kindly advise


Daya
This Query has 1 replies

This Query has 1 replies

03 November 2024 at 00:18

Interest on CC or Overdraft

what is nature of interest of cash credit and overdraft,
is revenue expenses or capital expenses.


Daya
This Query has 1 replies

This Query has 1 replies

whether interest on car loan treated as revenue expenses or capital expenses.