Want to gift to my brother
This query is : Resolved
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...
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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,
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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...
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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.
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