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)
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