Gift of proprietorship firm
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 October 2013
I RECEIVED GIFT FROM MY FATHER A PROPRIETORSHIP FIRM WITH ASSETS & LIABILITIES WHOSE PROPRIETOR IS MY FATHER.HIS CAPITAL INFIRM IS TAKEN AS LOAN BY ME AS PER DEED. HOW WILL I SHOW THIS GIFT IN INCOME TAX.
28 October 2013
First thing proprietorship can never be transferred. Whatever you have received from your father is either gift or loan.
Secondly when you have shown your father's capital as loan in deed you cannot show it as gift.
Either change the deed if possible or show it as loan in your balance sheet.
Secondly when you have shown your father's capital as loan in deed you cannot show it as gift.
Either change the deed if possible or show it as loan in your balance sheet.
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 October 2013
I HAVE SHOWN THE CAPITAL OF MY FATHER AS LOAN FROM 1-4-2012. I RECEIVED GIFT ON 1-4-2012. IS IT LEGALLY RIGHT FROM THE POINT OF VIEW OF INCOME TAX.PLEASE REPLY IMMEDIATELY
30 October 2013
You cannot treat the receipt of funds both as gift as well as loan sir.
Hence, you either treat it as loan or treat it as gift.
If you have received gift it is completely exempt from income tax irrespective of the amount.
If you have received both loan and gift on the same day or different dates, you treat loan as loan and gift as gift
Hence, you either treat it as loan or treat it as gift.
If you have received gift it is completely exempt from income tax irrespective of the amount.
If you have received both loan and gift on the same day or different dates, you treat loan as loan and gift as gift
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
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- Urd purchase entry in tally prime
- GSTR-9C filing
- Intimation under section 245
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
