Gifts in Income Tax returns

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23 Points Posted on 25 May 2020
Do I need to show gift(a/c deposit) from parents in Balance Sheet or P & L??
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On 25 May 2020 at 00:21 Report
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Quick Summary
When receiving gifts, such as cash deposits, from your parents, you generally need to declare them on your income tax return. While not typically taxed as income, they should be noted. For balance sheets, gifts of assets like property should be recorded, whereas cash gifts might be shown under exempted income in your P&L statement.

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12244 Points Posted on 25 May 2020
It's always show any sort of income. you can show the gift from parents in exempted income column
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On 25 May 2020 at 05:52
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Finance/Compliance Consultant
69650 Points Posted on 26 May 2020
In BS you need to gifts received like Land, Building, etc
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On 26 May 2020 at 00:58

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