How we can show in the balance sheet

Dear All,

My question is :-

A- BROTHER  AGE 28 IN MUMBAI

B- BROTHER  AGE 42 IN UTTAR PRADESH
C-MOTHER AGE 69 IN UTTAR PRADESH
 
"A" TRANSFER RS. 600000 TO "B" ACCOUNT FOR THE PURPOSE OF PURCHSES A PROPERTY IN UTTAR PRADESH 
BUT PROPERTY PURCHASED ON THE NAME OF MOTHER 
 
HOW WE CAN SHOW ALL THE ENTRY IN BALANCE OF MR. "A" & MR. "B"  
 
"A" & "B" IS THE INCOME TAX ASSESSEE BUT MOTHER IS NOT A INCOME TAX ASSESSEE


 

Replies (2)
In Mr A's book, it should be booked as loans & advances side or asset side as the case may be. Because u/s 64 it is taxable under the hands of MrA. In B book, no effects.

Case I

Mr A can Gift the whole amount to Mr. B, and Mr B can also show Purchased Propeprty as Gift to mother.

There will not be any Tax Liabilties in any case neither in the hand of Mr. B nor Mother.
There is no need of PAN to your mother for receiving  gift.

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