it assessess sec 206 c (1g) remittance under LRS details mentioned
transaction date:12-11-22
amount remittance rs:8 lacs
purpose remittance: gift
question:
assessess above transaction show procedure in books.
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Sec 206 c (1g) foreign remittance
Replies (2)
Dr. Gift ... 8 lakhs
Dr. TCS collected. (amount bank collected)
Cr. Bank....
Same is shown as gift and capital account is credited.
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