Menu
About asset and liability statement
how should the gifted items whose bill is name of gifting person ( like costly electronics like LED TV etc) , should be declared in asset and liability statement of govt employee.
Replies (1)
To declare a gifted LED TV in your annual return:
-
List the item in the Movable Property statement.
-
Categorize the acquisition method as "Gift."
-
Disclose the giver's details (name, address, and relationship to you) in the appropriate column.
-
Estimate the value based on its current condition or cost at the time of receipt.
-
Check your department's specific threshold for reporting movable assets to ensure compliance.
Recent Topics :
- Itr form for Salary income, Interest, Dividend And
- Will my TDS be deducted as NRI?
- PENSION ARREAR RECEIVED - EPS 95 SCHEME
- Processing of Form 144 (prev 27Q)
- Capital Gain on sale of Vacant Land- Whether Demol
- Hello dear I want help .
- Category B/D pop up after the file is e verified
- Section 56(2)(x)(xi) applicability to compensation
- How to claim exempt income u/s 10(26) in ITR-1 of
- 63053900 tax rate
Related Topics :
CAclubindia
