Money transfer in daughter/Son account

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108 Points Posted on 26 August 2021
Sir,

If I rupees 35000/- transfer in my daughter/Son's Bank Account. and there is no any sources of income of my Daughter/son. he is still studying.

so in my balance sheet that amount will be consider as a loan or drawing (Reduce in my capital) ?
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On 26 August 2021 at 23:41 Report
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This discussion addresses how to account for a £35,000 transfer to a child's bank account when the child has no independent income and is still studying. The consensus is that for a minor child, the amount should be managed through the parent's bank account with a contra entry. For a major child, it can be treated as a gift, reducing the parent's capital.

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791 Points Posted on 26 August 2021
This amount shown in balance sheet under drawing and reduce capital
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On 26 August 2021 at 23:49
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Practising CA
8954 Points Posted on 27 August 2021
In case of minor child, the bank will be maintained under bank accounts of parent and contra entry will be passed. In case of major child, you can show as gift ( reduction of capital )
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On 27 August 2021 at 00:09

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