One of my Clients has recieved a gift from his Father .(.i.e. 2 Lakh Rs..)
Were shall i reflect this transaction in the balancesheet of ITR4. ??.
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Gift from father
Replies (8)
Gift from father is not taxable. show it under exempted income column
Gift from father is not taxable. show it under exempted income column
thnks..
thnks..
PHLAGUN JI
GIFT FROM FATHER IS NOT AN EXEMPT INCOME BUT IT'S A CAPITAL RECEIPT AND SHOULD BE CREDITED IN CAPITAL A/C AS THIS WILL INCREASE YOUR CAPITAL
AND
SHOULD NOT BE SHOWN UNDER EXEMT INCOME COLUMN
agree with gopal...gift from father is exempted capital transfer and shall be added in the capital of son
Mr. Gopalji gift from relative is exempt so hence from father also exempt. But i agree that it should be taken into capital a/c.
gift received from father should be capitalised because it is a capital receipt....
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