GREETINGS,
SCENERIO 1
I HAVE RECEIVED 10L WORTH SILVER JEWELLERY FROM MY MOTHER.
I M GOING TO USE THAT IN MY OWN PROPRITORY BUSINESS IN WHICH I OWN SILVER JEWELLRY.
1.SHOULD I GENERATE PURCHASE INVOICE FOR IT?
2.CAN I USE THAT GOODS IMMEDIATLY ?
3. ANY GIFT DEED REQUIRED ?
SCENERIO 2
IF THE ABOVE GOODS GIVEN AS LOAN?
Prepare Gift Deed and you can use goods immediately
It is better to see that your mother has a valid source of income to buy the silver jewellery of 10L. If she is filing returns, she should disclose it in it.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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