Money transfer in daughter/Son account

646 views 2 replies

Anoop Jain

108 Points Joined June 2020

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) ?

Replies (2)

Deepak Kumar

791 Points Joined October 2019

This amount shown in balance sheet under drawing and reduce capital

CA Raj Doshi

Practising CA

8944 Points Joined December 2013

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 )