Pls solve my query

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Querist : Anonymous

Querist : Anonymous (Querist)

04 August 2010 https://www.caclubindia.com/experts/capital-gain-treatment-450290.asp

thanxs experts,

CA Sanat Pyne

CA Sanat Pyne (Expert)
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04 August 2010 your query has been solved please check.

Querist : Anonymous

Querist : Anonymous (Querist)

04 August 2010 thanxs for reply but i want to know about entry in balance sheet & P&L too...

CA Sanat Pyne

CA Sanat Pyne (Expert)
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05 August 2010 bank a/c -----dr 14,00,000
to, house property 225000
to, long term capital gain 1175000
(amount recd on account of sale of house property and capital gain arise of rs. 1175000)

investment in rural capital bond -----dr 850000
to , bank 850000
(amount invested for exemption of long term capital gain)

Querist : Anonymous

Querist : Anonymous (Querist)

06 August 2010 thans pyne sir,
once more reply for me sir,
Rs.1175000/- where we have to take if its adding to capital as capital gain from property sale or anything else.

thank you once again sir,

CA Sanat Pyne

CA Sanat Pyne (Expert)
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06 August 2010 As usal it will be added with reserve & surplus likeaftere tax.

Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2010 thanks sir once again,
one more thing form capital gain I have given Rs.450000/- to my daughter in law. so what proof I have to prepare for it... now its possible after sale property after 3 months.... pls help me sir....

thanks alot for instant reply.

CA Sanat Pyne

CA Sanat Pyne (Expert)
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07 August 2010 NO PROBLEM ........
MAKE A GIFT DEED THAT YOU ARE GOING TO GIFT TO YOUR daughter in law(WHO FALLS UNDER RELATIVE) . IT WILL NOT BE TAXABLE IN THE HANDS OF YOUR daughter in law .

Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2010 Pls give me the gift deed contains....and what points I have to print on which i
have to be careful. thanks alot (which means nothing to your kind replies)

Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2010 and also if I gave gift its right to prepare after given to her (what happened if I give gift on feb & prepare gift deed on august.
and also if i give gift to my daughter in law where to pur that Rs.4,50,000/-
amount on balance sheet & also effect of gift entry.

Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2010 Hello, Sir
When I entered in CG-OS Rs.325000/- shown in long term capital gain ?
how to solve ? if i do nesessery investment ?

pls solve my que......sorry for your inconvience.....bcs I always need your
help...thanks

CA Sanat Pyne

CA Sanat Pyne (Expert)
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07 August 2010 GIFT OF MONEY TO DAUGHTER IN LAW

LET IT BE KNOWN TO ALL by this Deed of Gift that I, …………….. S/o…………… R/o……………….. do, hereby, out of natural love and affection and also out of my free will and without any force, compulsion or undue influence, transfer an amount of Rs………….. to my son Mr……….. X ……… S/o……….. R/o…………….

IN WITNESS WHEREOF, I have signed this deed of gift on …………

In presence of
Witnesses: Sd/-Donor……….
1……………..
2………………..
________________________________________________________________

CA Sanat Pyne

CA Sanat Pyne (Expert)
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07 August 2010 AS THIS IS VOLUNTARY GIFT. NO NEED TO REGISTER JUST PURCAHSE ASTAMPPAPER OF RS 50 ON BACK DATE. AND ALSO SIGNED ON BACK DATE.

JUST PASS THE FOLLOWING ENTRY

GIFT -----------DR
TO, BANK.

CAPITAL ...............DR
TO , GIFT.

CA Sanat Pyne

CA Sanat Pyne (Expert)
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07 August 2010 AS YOU HAVE ALREADY MENTION THAT YOU HAVE INVESTED IN RURAL BOND . THEN NO NEED TO INVEST.