HELLO FRIENDS, CAN ANY BODY TELL ME MY CLIENT HAS SATRTED THE NEW BUSINESS AND HE HAS PROVIDED CASH BY HIS FATHER RS 5 LAKH. FATHER IS A GOVT. EMPLOYEE AND HE INTRODUCE THAT CASH IN BUSINESS BY PASSING THE ENTRY
CASH A/C -DR
TO CAPITAL
NOW PLS. TELL ME I HAVE TO AUDIT WHAT IS TO BE DONE NOW?
IS THIS OK OR I HAVE TO TAKE AN AFFIDAVIT FROM THE FATHER THAT HE HAS GIFTED RS 5 LAKH IN CASH TO HIS SON.
PLS. HELP ME.
I AM IN GREAT NEED.
PLS. TELL ME WHAT TO DO.
THANKS.
A gift deed can be made on a Stamp Paper of Rs. 100 to show that Father has gifted Rs. 5 Lakhs to son. And mention the source of income of the Father through which he has gifted the said amount to his son in the deed. This will be sufficient for you to proceed further.
Regards,
Devendra Kulkarni
CAN GIFT DEED TO BE MADE ON TODAY DATE OR I HAVE TO PURCHASE LAST YEAR STAMP PAPER.
Its better that you buy a stamp paper of last year.
CAclubindia
