Treatment under it act.
This query is : Resolved
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.
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
11 September 2013
Can I treat it as gift without consideration as value does not exceed Rs. 50,000?
11 September 2013
Gift between the relationships may be justified but others will raise several issues.
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