Dear Sir
I got received Gift in cheque form from my uncle
so is this my income or Assets
what consider in my personal books of this gift
income or Assets?
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Is Gift Income or Assets
Replies (4)
Quick Summary
It will be considered as income as per Sec 56(2)(x). However, as it is received from a 'relative', it will not be taxed. i e it will be exempt.
Brother of either of the parents of the individual is considered a 'relative' for the above section. So 'uncle' comes in the definition of a relative.
Brother of either of the parents of the individual is considered a 'relative' for the above section. So 'uncle' comes in the definition of a relative.
Yes. it is income in the nature of capital receipt.
It's your income,
but if we received any income, than there is effect on our assets also....
like If we received cash gift, than increase in cash/bank balance.
but if we received any income, than there is effect on our assets also....
like If we received cash gift, than increase in cash/bank balance.
If you are proprietor it is neither income not asset , add same gift in Capital account, pass entry .
Bank. A/c Dr
To Capital A/ c Cr
( Being gift cheque received from Uncle )
Not Taxable in the Hands of recipient as per section 56(2) of the Income tax act as stated above .
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