Personal
This query is : Resolved
29 August 2011
MY UNCLE GIFTED ME RS 1 LAKH CHEQUE WHICH I HAD DEPOSITED IN MY A/C HAD GIVEN TO SOME OTHER PERSON AS LOAN @12% P.A
MY QUESTION IS THAT HOW TO ACCOUNT THIS TRANSACTION IN MY UNCLE BOOK AS WELL AS IN MY BOOKS? CAN I SHOW THIS AS GIFT ? IS THERE ANY TAX ARISE TO ME OR MY UNCLE? FOR DIVERSION OF INCOME FURTHER MY UNCLE HAD ALSO GIFTED CHQ TO MY AUNT
WHAT TO DO
EXPERT ADVISE REQUIRED.
THANKS IN ADVANCE
MY QUESTION IS THAT HOW TO ACCOUNT THIS TRANSACTION IN MY UNCLE BOOK AS WELL AS IN MY BOOKS? CAN I SHOW THIS AS GIFT ? IS THERE ANY TAX ARISE TO ME OR MY UNCLE? FOR DIVERSION OF INCOME FURTHER MY UNCLE HAD ALSO GIFTED CHQ TO MY AUNT
WHAT TO DO
EXPERT ADVISE REQUIRED.
THANKS IN ADVANCE
CA Ashwani Agarwal
(Expert)
29 August 2011
1. Your uncle gave Rs. 100000 to you.
If you want to show the same as gift, then first define the relation between you and your uncle. Some relations are exempt from tax in case of gift.
Your uncle will simply debit his capital a/c and show this as a gift while you will credit your capital a/c.
If you want to show the same as gift, then first define the relation between you and your uncle. Some relations are exempt from tax in case of gift.
Your uncle will simply debit his capital a/c and show this as a gift while you will credit your capital a/c.
CA Ashwani Agarwal
(Expert)
29 August 2011
In case a husband gifts anything to his wife, then the income arising from such source is clubbed in the hands of the husband even though there is no tax on the gift as such.
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