Gift
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 November 2012
FATHER GAVE COMPUTER TO HIS SON OF WORTH 40000/-.
MY QUESTIONS ARE
1) IS COMPUTER TREATED AS GIFT ?
2) CAN FATHER DEDUCT 40000/- FROM HIS TAXABLE INCOME.IF YES, IS THE SON REQUIRED TO FILE THE RETURN ?
SUGGEST ME THE BEST TREATMENT OF ABOVE CASE
MY QUESTIONS ARE
1) IS COMPUTER TREATED AS GIFT ?
2) CAN FATHER DEDUCT 40000/- FROM HIS TAXABLE INCOME.IF YES, IS THE SON REQUIRED TO FILE THE RETURN ?
SUGGEST ME THE BEST TREATMENT OF ABOVE CASE
Amol S Joglekar
(Expert)
26 November 2012
It is regarded as GIFT. Father can not claim it as business expenditure.
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