opening capital

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CA JONI JAIN (Querist)
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21 January 2010 how much can b a opening capital for an ipcc student ?what type of income he can show if it is the first year of filling of income as generally we try to show fake income and also if he/she is indulged in articleship?can he/she get salary from his fathers company?

CA Pramod Jain

CA Pramod Jain (Expert)
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21 January 2010 it can be say basic exempted income less drawings for the particular fy suppose if he is filling return for ay 2010-11 then he can show last yr 1.5 lac income less drawing lets say rs.48000/- and also i don't there is any problem in showung salary from his father's co.

CA JONI JAIN

CA JONI JAIN (Querist)
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21 January 2010 by question is wheter i can show 300000 as opening capital

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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22 January 2010 The matter is not of showing.

If you have capital of Rs.3,00,000/- as past savings in the form of FDs, NSCs, Loans into the Father/Other's business, shares etc. then you can easily show it.

The source of above investments should also justify the savings.

CA JONI JAIN

CA JONI JAIN (Querist)
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24 January 2010 is the justification that the assessee in this case has been saving his monetary gift's received from birth till date from his relatives etc which approximately amounts to the opening capital i have mentioned earlier acceptable?

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