Gift received from father invested in partnership business
This query is : Resolved
13 July 2020
Dear sir,
My farther gifter me 50lak from his sole proprietorship business. He directly transferred it to the newly started partnership business bank account ( myself and my sisters are partners)
We introduced the money as partners share capital into our business
1) should I execute a gift deed??
2) should I declare such gift income in my itr???
3) directly received in bank account of partnership firm is a problem??
4 ) else can I keep it as interest free loan into my business
5) if interest to be charged,then can I charge 8% on loan
My farther gifter me 50lak from his sole proprietorship business. He directly transferred it to the newly started partnership business bank account ( myself and my sisters are partners)
We introduced the money as partners share capital into our business
1) should I execute a gift deed??
2) should I declare such gift income in my itr???
3) directly received in bank account of partnership firm is a problem??
4 ) else can I keep it as interest free loan into my business
5) if interest to be charged,then can I charge 8% on loan
14 July 2020
1 No gift deed required take confirmation letter from father.
2 you can declare it under exempt income schedule.
3 No problem.
4 and 5 Gift is the best option.
2 you can declare it under exempt income schedule.
3 No problem.
4 and 5 Gift is the best option.
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
- 115-BAC-for AOP-private discretionary trust
- IN PAGHDI SYSTERM . RENT RECPT CHANGE OF NAME AFTER FAMILY PARENTS TO SON
- Cgst asmt - 10
- Insurance make against any item and later get insurance claim received
- CAN a GSTIN registered under rule 14A opt for composition scheme without withdrawal from rule 14A ??
- E-Invoice applicability related question
- Rejection of the application for the registration of a society in Andhra Pradesh state
- Employee claim Expnese Invoices
- Expenses in f&o trading
- PTEC-payment
- Fy 22-23 --> tyed more in gst 3b vs 2b, any interest?
- INCOME TAX QUERY FY25-26()\
- Query regarding applicability of UDIN on MCA forms signed using DSC by a Chartered Accountant
- GST ON PERSONAL MOTORCAR SOLD
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Spice form, ? mark comes in address
- Tds on GST in connection with sale to public company
- B2B Amendment
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
