Father in law to daughter in law
This query is : Resolved
15 June 2014
Mr. x father in law transferred business to daughter in law by simply amending proprietor in sales tax law without any communication to income tax wef from 30 June 2013.
we close the books till 30 June and transferred the profit to father in law .
I have one doubt. what is the treatment of balance standing in proprietor ship firm of father in law balance 22 lakh and rest all item are used by daughter in law in running business as a proprietor of firm.
Will we treat balance of father in law as gift to daughter in law (gift not allowed and clubbing apply) or treat as unsecured and.
15 June 2014
for gift there has to be a gift deed to be drafted and need to get it registered.
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
- Leave encashment and gratuity on death of employee
- GST ON FREE SAMPLE
- Regarding selling goods
- Exemption u/s 10(23C)(iiiad) by ITAT
- STCG on International Mutual Fund
- ITC on Construction of Warehouses
- Advocate is authorised for formation of company as per section 7 of the company act 2013
- Mentioning of GST models in invoice
- Applicability of E Invoicing if turnover exceeds rs 5 cr
- Immovable gift deed
- Adt1 dsc where to affix?
- TDS Applicability on Adobe Subscription u/s 195
- Tcs claim for previous financial year
- TDS Return filing if only have 15G /15H deductions and no other payments
- Portuguese Civil Code of 1867
- IGST ITC RELATED
- GST on Taxi Service
- IMPORT OF GOODS CREDIT
- Formation of company by advocate
- Regarding GSTIN Cancelled suo-moto
Trending Online Classes
-
Online GST Course - Master the Fundamentals of GST with Practical Insights
Ruhi Joshirao19 January 2026
CAclubindia
