Recognition of source of fund
This query is : Resolved
sabharinath
(Querist)
09 December 2015
One of our clients, have made a deposit of 23 lakhs out of a sale of land worth 48 lakhs.... The legal owner of the land is our client's daughter, who resides in UK. Our client is the power of attorney, who carried out the sale on his daughter's behalf, and deposited the 23 lakhs in his name in FD. Now, how can we recognise this source in the books? Can we recognise it as his proceeds from sale of land, or should we account it as a gift from his daughter?
CA Mehta Ankur N.
(Expert)
09 December 2015
You have to account is as gift from daughter only. Because its not at all his sales.
So first account in daughter as per normal accounting
then take a gift from daughter.
So first account in daughter as per normal accounting
then take a gift from daughter.
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