cash received from father
This query is : Open
06 June 2017
Respected sir /mam
my father had been given to me ₹550000/-in cash through sale of his land and I diposted whole amt in my bank account. now what should I show in my Itr and what type of document I can maintained if I show this as a unsecured loan
06 June 2017
Loan can't be given more than 20000 in cash. Treat it as gift if received during the last financial year. This financial year you can't take cash gift exceeding 2 lacs.
06 June 2017
thanks sir for your quick reply
I have one more query
one of my friend purchased a plot in the name of his mother and he paid whole amount from his bank rs 1271000/- how can I treat this in itr and books of accounts
07 June 2017
No need to show it in ITR.
Make gift deed & show this amt as gift in capital a/c.
07 June 2017
both the transactions (550000
07 June 2017
u mean both the transactions I should treat as gift with a gift deed
07 June 2017
No only in second case
07 June 2017
thank you mam
Message likes :
1 times
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
- TDS on Consultancy- Non DTAA
- ADVANCE PAYMENT OF ADVOCATE
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Depreciation of fixed assets- coop housing society in mumbai
- DIN reactivation
- UNWANTED CREDIT BALANCE OF GST AS PER BOOKS
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- Eway bill generation from place other than registeted
- TDS Return Q1 FY 2026-27
- GST rate and HSN code for sale of racing horses
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
