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
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.
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.
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
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Tax on Deemed Capital Gain
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- F & O PROFIT REPORTING FOR AY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- Booth for sales promotion
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- GST ON TRAVELLING BILLS
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
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
