banner_ad

Gift from Relative property

Others 309 views 5 replies
User Avatar

G
407 Points Posted on 15 December 2021
I have received property from relative without any consideration value does i require to show that in Itr
0 Reply Share Follow
On 15 December 2021 at 12:02 Report
Replies (5)
User Avatar

Company Secretary
7085 Points Posted on 15 December 2021
No need to report in itr if property is received without consideration from a relative
Reply
On 15 December 2021 at 12:08
User Avatar

G
407 Points Posted on 15 December 2021
How to show this in my balancesheet or capital account
1 Reply
On 15 December 2021 at 12:16
User Avatar

Profession Business
28207 Points Posted on 15 December 2021
Not required
Reply
On 15 December 2021 at 17:15
User Avatar

Audit assistant
101 Points Posted on 15 December 2021
Yes, have to credit capital account with govt value and debit fixed assets and then should show as other sources exempted gift income
Reply
On 15 December 2021 at 19:56
User Avatar

78 Points Posted on 16 December 2021

Under Income tax act gift from relative is not taxable. The cost will be cost to the previous owner.

We cannot show it in Balance sheet at Market value and depreciate.

Reply
On 16 December 2021 at 09:54


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topic

More recent discussions | Post

Related Topics
Loading

Latest Job Openings

View all
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
16 May 2026
Audit clerk

mgirt & co

Bengaluru

CA Inter

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details