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
CA Chandan Sharma
(Expert)
03 March 2017
Yes you can show the amount as gift in the FY 2016-17 and reduce the amount from the capital account
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