Gift

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Ashit Malhotra (Querist)
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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)
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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)
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12 July 2017 finally the US it would be shown in whose balance sheet

Anand

Anand (Expert)
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12 July 2017 ? kindly suggest

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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12 July 2017 Both Debited in Father's Capital A/c & credited in son's Capital A/c

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