Cash gift recd. upto rs. 40000.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 July 2012
How should I show cash gift of Rs. 40000/- recd. in Income Tax returns. As cash gift upto rs. 50000/- is exempt , Under which head of Exempt income should I show this gift.Please advise
09 July 2012
It is capital receipts. it is of personal nature. it should be recorded as : Cash A/c Dr.
To Capital Account
Notes: Assumed that assessee is an Individual. If assessee is not maintaining books of Accounts then no need to show in the return.
To Capital Account
Notes: Assumed that assessee is an Individual. If assessee is not maintaining books of Accounts then no need to show in the return.
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09 July 2012
This will be added in your capital account. So it will not effect return or tax.
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