Gift from father
This query is : Resolved
28 November 2011
One of my Clients has received a gift from his Father .(.i.e. 2 Lakh Rs..)
Were shall i reflect this transaction in the balance-sheet of ITR4. ??.
Were shall i reflect this transaction in the balance-sheet of ITR4. ??.
28 November 2011
The transaction will not be directly appearing in the Balance Sheet.
However, it will be reflected in the form of Cash/Cash at Bank/ Any Asset purchased through the amount gifted.
A higher Capital Account balance in the liability side will set off it.
However, it will be reflected in the form of Cash/Cash at Bank/ Any Asset purchased through the amount gifted.
A higher Capital Account balance in the liability side will set off it.
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
- 44AD VS 44AB AUDIT
- Correction in TDS return New Traces Portal
- Query Regarding Refund Adjustment Against Outstanding Demand
- Computation of Dividend
- TDS NOT YET CREDIED
- Itr processing delay
- GST REGISTRATION REQUIRED TO DIAGNOSTIC UNIT
- GST Rate on Bakery Items registered under composition scheme
- TDS Return processing
- TDS Intimation(Short Deduction)
- Trust case
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
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
