Payment received from relatives - reg
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 November 2018
Sir,
Query regarding this transaction ( error) comes under the exemption of GIFT TAX?
A person run a proprietorship concern/business who received from his relative a lump sum as gift for his another business startup. Here what happened by mistake is that the relative ( amount giver) given a cheque in the name of business concern not in the name of that person (amount receiver).
In that situation can a person ( amount receiver) claim that amount claimed as gift ?
Query regarding this transaction ( error) comes under the exemption of GIFT TAX?
A person run a proprietorship concern/business who received from his relative a lump sum as gift for his another business startup. Here what happened by mistake is that the relative ( amount giver) given a cheque in the name of business concern not in the name of that person (amount receiver).
In that situation can a person ( amount receiver) claim that amount claimed as gift ?
30 November 2018
Yes he can claim it as gift. Its one and the same either he received or his concern received.
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
- Supply through E-commerce Operators
- STCG....................................................
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Relief u/s Section 89
- TAN for Partnership
- Is it compulsory to File 10E if Income including Pension Arrears is below 12 Lakh for the F Y 25 26
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- E way bill for tractors
- Specified Profession
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
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
