I got 50,000 rs to my savings account as a gift from my wife's savings account.How me and my wife have to shown these in our book of accounts?
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Gift from wife to husband
Replies (7)
Keep it in capital....
How to pass entry for received gift - A/c entries - Accounts https://www.caclubindia.com/forum/how-to-pass-entry-for-received-gift-171286.asp
It's very simple Sec 56(x) (2) exceptions.
you will have to show this 50000 as a liability in your books on the name of your wife & in your wife's account - your name has to show under debtors side .
| Originally posted by : NARENDRA | ||
 |
you will have to show this 50000 as a liability in your books on the name of your wife & in your wife's account - your name has to show under debtors side . |  |
Hi Mr Narendra,
Why it's under the head as per you...??
Please share, Is there any reason...???
Yes you are right Sir, one should be kept in Capital ..............
From an accounting perspective, this transaction is often not recorded in your personal financial records because it's considered a transfer of funds within the family. However, it's still a good practice to maintain clear records of all financial transactions. You and your wife may want to keep records of the gift in your personal financial journals or records as a matter of personal financial management.
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