Treatment under it act.
This query is : Resolved
Menka Shaw
(Querist)
08 September 2013
X purchased some jewellery. Invoice bill was in the name of X but payment was made by his friend Y through debit card. How the value of Jewellery will be shown in the book of X & Y and treatment under Income Tax Act.
CMA Ramesh Krishnan
(Expert)
08 September 2013
Invoice is in the name of X, so the jewellery can be booked in the books of X and payment made by the Y through debit card can be considered as advance or loan paid by the Y to X accordingly entries can be done in the books
Menka Shaw
(Querist)
11 September 2013
Can I treat it as gift without consideration as value does not exceed Rs. 50,000?
CMA Ramesh Krishnan
(Expert)
11 September 2013
Gift between the relationships may be justified but others will raise several issues.
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