Maturity amount

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 March 2014 sir,

please answer following questions.

if i received maturity amount in my bank a/c ....it is possible to transfer to capital account???//

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

21 March 2014 maturity amount of what? assuming you are referring to a FD/mutual fund/LIC, for mutual fund and FD, you need to park the income part in your P&L. for LIC it can be parked straightaway in balancesheet, crediting the capital account.

Querist : Anonymous

Querist : Anonymous (Querist)

21 March 2014 Maturity amount is the LIC amount

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

21 March 2014 then you may include the same in capital account.

Querist : Anonymous

Querist : Anonymous (Querist)

21 March 2014 ok Thank you sir for your reply.

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

21 March 2014 You are welcome friend....

Querist : Anonymous

Querist : Anonymous (Querist)

21 March 2014 Sir ,iam give gift to my mother for Rs.5 lack transfer through bank a/c.it is allowable in income tax or???

Querist : Anonymous

Querist : Anonymous (Querist)

06 May 2014 dear Sir,
we have $21,25,000to borrowed) with a rate of Interest 15% for a 74 days period of time.
can u calculate same any one?

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

06 May 2014 to answer your first question, it is allowable in income tax...your mother wont have to pay any tax on this gift...however, you dont get any deduction.

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

06 May 2014 with regards to your last query, come on...calculating interest is school level query...

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now