Gold Coin Regards as Gift

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Account Officer
653 Points Joined June 2013
Gold Coin Received from Vendor of Rs. 45000 TDS u/s 194 R also deducted

We are a Pvt Ltd Co. how to show in books and also confirm accounting entry
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On 21 October 2023 at 17:17 Report
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Finance
4545 Points Joined September 2020

If receiver has to pay gift tax then

Dr. Gold coin (asset side)

Cr. Tds payable

Cr. Gift or discount received or promotion account

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On 22 October 2023 at 12:59
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Finance
4545 Points Joined September 2020

https://cleartax.in/s/how-are-gifts-taxed

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On 23 October 2023 at 11:51
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28118 Points Joined May 2017
In case the gold coin is received as a gift and fund paid via cheque or online no issue of any tax.
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On 25 October 2023 at 06:36
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Practising CA
8944 Points Joined December 2013
Dr Gold Coin Investment
Dr tds receivable
Cr Any other Income
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On 06 November 2023 at 03:16


CCI Pro

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