Cash
This query is : Resolved
15 March 2012
i am a individual. my aunti has deposited Rs. 20K in my bank a/c by cheque. and i have withdrawn for my family matter
what entry to be done in my file / books of accounts ? or in what head should i show it in my file ?
please answer
what entry to be done in my file / books of accounts ? or in what head should i show it in my file ?
please answer
15 March 2012
Hi,
Its Pretty Simple, the entry in your books of Accounts is as follows
Bank A/c Dr 20000
To Aunty A/c 20000
Being Amount received from aunty
Capital A/c Dr 20000
To Bank A/c 20000
Being amount withdrawn as drawings for personal use.
Regards
CA. Lohith. J
B.Com, ACA, CS, (ICWA), SAPM Hons, ITF Hons
Its Pretty Simple, the entry in your books of Accounts is as follows
Bank A/c Dr 20000
To Aunty A/c 20000
Being Amount received from aunty
Capital A/c Dr 20000
To Bank A/c 20000
Being amount withdrawn as drawings for personal use.
Regards
CA. Lohith. J
B.Com, ACA, CS, (ICWA), SAPM Hons, ITF Hons
16 March 2012
actually i wanted to know if ITO asked me why your aunty had provided the money to you or what purpose then what is the right answer to be provided by me in terms of income tax
16 March 2012
Hi,
U can always tell its a Hand Loan.
U can always tell its a Hand Loan.
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
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- FEMA regulation Act. for inward remitance
- Grand in aid
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
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
