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.
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