Gift

This query is : Open

Ashit Malhotra (Querist)
Follow

12 July 2017 I have given a gift of Rs 10 lac to my son when he turned 18.How can me and my son declare giving and receiving gift in our respective tax returns

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
Follow

12 July 2017 Show in respective capital a/c as receipt & payment. No taxability arises on it. So show it as exempted income in your son's return.

Anand

Anand (Expert)
Follow

12 July 2017 finally the US it would be shown in whose balance sheet

Anand

Anand (Expert)
Follow

12 July 2017 ? kindly suggest

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
Follow

12 July 2017 Both Debited in Father's Capital A/c & credited in son's Capital A/c

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

arun luharuka

Venkateshwaran Ekambaram

J.Vijai

Vishnu Agarwal

atul kumar soni

Subscribe Now

Gift

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Article Trainee

Audit executive

ICSI Trainees for 21 Months and Semi-Qualified CS

ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

CA ARTICLE

Senior Associate

Article, CA & Paid Assistant Positions

Finance Head