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?
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 .
Vardhaman Group of India
Pimpri Chinchwad
CA Inter
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Shaswat initial support private limited
Ahmedabad
CS
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CAclubindia
