Want to gift to my brother
This query is : Resolved
Quick Summary
09 April 2020
Sir,
I want to gift 3lac to my brother , here i want to know where it will effect in Income tax whether in Balance sheet or capital account and under what head.
Please suggest
I want to gift 3lac to my brother , here i want to know where it will effect in Income tax whether in Balance sheet or capital account and under what head.
Please suggest
10 April 2020
It's Your capital account of your balance sheet...
Message likes :
1 times
10 April 2020
Sir
Not clear wat you said can repeat onces.
Not clear wat you said can repeat onces.
10 April 2020
In income tax: no taxation on Gift to relatives.
If you are having Capital of Rs 5 Lac and out of it making a gift to your brother of 3 Lac your capital will reduce to 2.00 Lac,
If you are having Capital of Rs 5 Lac and out of it making a gift to your brother of 3 Lac your capital will reduce to 2.00 Lac,
Message likes :
1 times
10 April 2020
It's not a expenditure. You give Your money to Your brother. Then it will less Your capital account (from. Your pocket).
So it will be accountable in Your capital account and the capital account reducing as per Mr CA PARAS BAFNA...
Message likes :
1 times
10 April 2020
Thanking you all Sir.
Sir whether gift deed is required to be made in this case.
Sir whether gift deed is required to be made in this case.
28 October 2021
Better to keep it handy, in case of any query.
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
- Depreciation of fixed assets- coop housing society in mumbai
- Reopen of assessment proceeding
- TDS on Consultancy- Non DTAA
- Management System (IMS)
- Rental income gst and it purpose
- Experts need help
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Gift Received from nonblood relative
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- 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
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
