regarding tax
This query is : Resolved
Guest
Guest
(Querist)
05 January 2009
hi,,
i am sumit..c.a final student..
i want to know that if any assets added directly to capital account ,,without any cash/bank transaction..then we have to pay tax on that assets ,that we are showing..?
i am sumit..c.a final student..
i want to know that if any assets added directly to capital account ,,without any cash/bank transaction..then we have to pay tax on that assets ,that we are showing..?
05 January 2009
I think you are talking about Individual assessee. A assesee can get gifts and even ancestral property, I think all doubts cleared now !
CA Nitin Wadhwani
(Expert)
05 January 2009
No.
Gift in Kind is not taxable except in case gift is to spouse or minor child where clubbing provisions are attracted.
Gift in Kind is not taxable except in case gift is to spouse or minor child where clubbing provisions are attracted.
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