Regarding treating advance as gift
This query is : Resolved
19 May 2012
Hi, Good Morning to all
can any one give me the solution of the below mentioned problem.My question is
one of my client has given the advance to his sister and treated this advance as Loans and Advance and filled his income tax Return.Now he change his mind and said me that he dont want that money from his sister and like to treat this advance as gift to relative.than my question is that can he do this means can he made gift deed this year or he has to made gift deed on past dated stamp paper.
can any one give me the solution of the below mentioned problem.My question is
one of my client has given the advance to his sister and treated this advance as Loans and Advance and filled his income tax Return.Now he change his mind and said me that he dont want that money from his sister and like to treat this advance as gift to relative.than my question is that can he do this means can he made gift deed this year or he has to made gift deed on past dated stamp paper.
21 May 2012
Dear Chirag !! Since, Your Client has already Filed Return you should not go for an unscrupulous Way of Old Dated Stamp Paper. the day on which he decided to gift the money to sister(after balance - sheet date of Filing Return) you may transfer money as Gift mentioning in the Gift Deed. More over, in the gift deed donor, receiver should Sign and include a clause of Natural Love and Affection as a cause of making gift. last but not the least: hope she is his real sister.
Message likes :
1 times
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
- Gst registered proprietorship firm
- Price inclusive or exclusive of GST while made entry in P& L Account
- TDS Challan - change of FY 2025-26 to TY 2026-27
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Minimum tax payable to file Updated return
- Non filing of I T Returns
- UDIN ISSUE
- Change Of Karta In Case of Death
- SALARY CAN BE CAPITALIZE
- GST Intimation due to Government took possession of Business Premises under PPE Act
- TDS on Fixed Assets purchased
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
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
