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Journal entry for gift given to relative


journal entry for gift given to relative

Instead you just show the net figure (9,250) after the discount (750).
Q.14 Would any taxability arise if an immovable property is key win 7 32bit ultimate received for less than its stamp duty value?50,000 is to be applied transaction-wise and all immovable properties received as gift during jay robb discount the year are not to be clubbed for applying the limit.Property received by an Indian holding company, if the whole of the share capital of the subsidiary company is held by the holding company sec.Ans: If the conditions given in preceding FAQ are satisfied, then value of prescribed movable property received without consideration,.e., received as gift by an individual or HUF is charged to tax.Friend is not a relative as defined in the above list and hence, gift received from friends will be charged to tax (if other criteria of taxing gift are satisfied).50,000, then aggregate value of such gifts received during the year will be charged to tax.Once the taxability is attracted,.e., value of property received as gift exceeds.You will always use both a debit and a credit for every journal entry.50,000, then the total value of such properties received during the year without consideration will be charged to tax.Q.18 Does any taxability arise if prescribed movable property is received by an individual or HUF for less than its fair market value?FYI Sitaram would record the expense in his records, as follows: Debit Carriage expense 8,500.Refer next FAQ for situations in which sum of money received by an individual or HUF is not charged to tax,.e., monetary gift is not charged to tax. .Relative for this purpose means: (a) Spouse of the individual; (b) Brother or sister of the individual; (c) Brother or sister of the spouse stansted short stay parking discount of the individual; (d) Brother or sister of either of the parents of the individual; (e) Any lineal ascendant or descendent.
50,000 then the entire value of the property is chargeable to tax.




However, in the following cases nothing will be charged to tax in respect of any sum of money received by an Individual or HUF without any consideration, if the same is received: from any relative or by a HUF from its members; or on the.Property received on the occasion of the marriage of the individual.Gift received under a will, etc.Property received from a local authority as defined under section 10(20) of the Income-tax Act).Q.15 Are gifts of movable property received by an individual or HUF charged to tax?This is particularly relevant in case the gift amount is substantial and also where it is received from relatives.Q.19 Are there any cases in which prescribed movable property received for less than its fair market value by an individual or HUF is not charged to tax?
Q.1 Are monetary gifts received by an individual or Hindu Undivided Family (HUF) taxable?


[L_RANDNUM-10-999]
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