Gift reced
This query is : Resolved
24 November 2014
ONE OF MY CLIENT HAS RECEIVED RUPEES 10 LAKHS IN CASH SPREAD OVER THEYEAR AS GIFT WHETHER IT IS TO BE REPORTED IN TAX AUDIT REPORT HE HAS ACCOUNTED SAME IN HIS CAPITAL ACCOUNT
PLEASE ADVISE ME IN THIS REGARD
PLEASE ADVISE ME IN THIS REGARD
24 November 2014
u havent mentioned from whom ur client recieved gifts.
25 November 2014
then they are not taxable as per sec 56(2)
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
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- GSTR9 Annual Return
- Employee secondment
- Ito add credit side of bank
- Applicability of tax on invoice
- Rectification under processing even after 6 months cpc portal
- Form 144 TDS Return Validation error
- GST ITC as per notification 12/2023- central tax
- Import of Capital Machine
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- 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
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
