1.i.t.assess some shares and old car gifts received from father.

2.i. t.assess house expenses (personal drawings ) Rs:3,50,000/- used one finicial year.


1.how to accounting entries passed above gift transactions both persons books.

2.house expenses Rs:3,50,000/-one finicial year allowed in I.t. act.

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Sundaraiah 2 weeks 1 Answer 25 views 0

Answer ( 1 )

  1. 1.Jouran Entry For Old Car Received from father-

    Old Car A/C Dr.

    TO Gift(Income )A/C

    2.House expense not allowed in I.T Act

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