a mother gifted her daughter shares of 15 lacs in the last financial year, but the same was not accounted in last financial year.
how the same shall be accounted in the books for the current financial year?
4 Replies
Vineet Goyal
(Assistant Manager - Finance & Accounts)
(702 Points)
Replied 24 July 2012
As far as treament in the accounting books are concerned, you can now pass the entry to this effect as an correction entry. For income tax purposes, you will have to revise the Income Tax Return.
vijay singla
(learner)
(340 Points)
Replied 24 July 2012
| Originally posted by : Akash Jain | ||
 |
Agree with the above Gentleman.. |
 |
pls tel me where to depict this gift in the return. thanx in advance . pls also tel me if there is no gain/loss on sale of capital asset then where to depict it in itr.
Vineet Goyal
(Assistant Manager - Finance & Accounts)
(702 Points)
Replied 25 July 2012
It will be shown under "Income from other sources". For capital gain, you need not to show it as income has not arisen in this case.
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