Is Gift Income or Assets
Anoop Jain (102 Points)
26 May 2022I 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?
Anoop Jain (102 Points)
26 May 2022
Kev Men
(756 Points)
Replied 26 May 2022
CA Raj Doshi
(Practising CA)
(8723 Points)
Replied 27 May 2022
Nidhi
(Chief Accountant)
(3150 Points)
Replied 27 May 2022
prasad Nilugal
( GST Practitioner & Accounts )
(14167 Points)
Replied 28 May 2022
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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