Gift
This query is : Resolved
03 March 2017
Hello, from personal file i have transfer some amount to my Wife's file & some to my Father for purchase a residential flat in joint name during last F.Y. 2015-16 (My Father & Wife) & i have shown this amount as loan (receivable from them) in my Balance sheet.
Can i able to show this entry as Giving Gift to both of them in F.Y. 2016-17? Although the cheque transection was made in F.Y. 2015-16
Regards
Can i able to show this entry as Giving Gift to both of them in F.Y. 2016-17? Although the cheque transection was made in F.Y. 2015-16
Regards
03 March 2017
Yes you can show the amount as gift in the FY 2016-17 and reduce the amount from the capital account
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
- STCG....................................................
- Supply through E-commerce Operators
- Sales return eway bill
- TAN for Partnership
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- E way bill for tractors
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- Taxation on LTCG for property sold after 24JUL2024
- TDS related Query_Liquidated Damages
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
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
