Taxability of gift of shares to relatives
This query is : Resolved
21 August 2012
Sir,
One of my client has gifted shares to his relative in financial year 2009-10 but no accounting entry has been passed till now.
Now in financial year 2011-12,we came to know about this transaction. Now how i should pass accounting entry and what will be the taxability of this transaction under Income tax act?
One of my client has gifted shares to his relative in financial year 2009-10 but no accounting entry has been passed till now.
Now in financial year 2011-12,we came to know about this transaction. Now how i should pass accounting entry and what will be the taxability of this transaction under Income tax act?
21 August 2012
its just a capital receipt, so you can take effect in past year also, as there is no taxability.
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
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Copyright software
- Value of property in capital gain
- When TDS on GST applied
- Annual return in Gst
- FORM 26A APPLICABILITY
- Before GSTAT- APL-02 Vs APL-04
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
