Gift deed

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PRAVEEN JAIN (Querist)

26 February 2013 I Received 10 lacs by way of cheque from my father as gift in the year 2008-09.
As it was exempted income. i never show the same in my ITR. I have no written letter or gift deed in my favour. Now my father want to make a gift deed for the amount gifted in year 2008-09.
Kindly advice, is it possible to make a gift deed in current for the gift made in 2008-09.
Kindly let me know the procedure..
Thanks

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

26 February 2013 It may be possible that you have not filed the ITR of the AY 2009-10.
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or, you may not be required to furnish Balance Sheet details in the ITR filed by you.
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A Gift Deed may be prepared on to_date mentioning the antecedents or things (Gift) took place earlier .
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PRAVEEN JAIN

PRAVEEN JAIN (Querist)

27 February 2013 I have already filed my ITR up to AY 2012-13. but not furnished balance sheet details as i have submitted my ITR online as individual. and same situation is with my father.
Kindly advice, how to show in balance sheet of FY 2008-09, if i take a gift deed in cuuret date.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

27 February 2013 You can show in the balance sheet by crediting the amount to your capital account
It is not required to show the balance sheet generally -except in the case of assessee carrying on business. Only thing of importance is that you should be in a position to explain the source of money which is either held by you or is being invested.. in a case where no balance sheet is being filed with the return.
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The Scheme of ITR, thus, can be utilised in the best possible favourable manner by the assessee.
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