Rajesh PB (80 Points)
18 January 2018GREETINGS,
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?
Rakesh Bandal
(Self Employed and Agriculture)
(1349 Points)
Replied 19 January 2018
Prepare Gift Deed and you can use goods immediately
Rajesh PB
(80 Points)
Replied 19 January 2018
MP
(employed)
(53 Points)
Replied 22 January 2018
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.
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