Gift-itr-4

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 August 2011 My question is about implication of gift in ITR-4.
If Any one receive gift from his wife/brother/Father Amount rs-100000.
Where its shown in ITR-4.

PRAMOD PANDIT M.COM , CA FINAL

PRAMOD PANDIT M.COM , CA FINAL (Expert)
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08 August 2011 o show as specific requirment doesnt arise while filling itr.
as it capital receipt and only closing capital has to be shown in itr 4.
it only show in book of account with valid documentsThere is an option in ITR 4 to show exempt income in shc EI
there u can show!
but i think it not need to show as specific requirment doesnt arise while filling itr.
as it capital receipt and only closing capital has to be shown in itr 4.
it only show in book of account with valid documents

PRAMOD PANDIT M.COM , CA FINAL

PRAMOD PANDIT M.COM , CA FINAL (Expert)
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08 August 2011 In ITR 4 schedule EI
is related to exempt income here can show .

Querist : Anonymous

Querist : Anonymous (Querist)

08 August 2011 Please tell me confirm whether gift shown in ITR 4 schedule EI or not.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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08 August 2011 Gift received from relatives is not an income. It is pure Gift only and the word gift has its own existence. It originated before the word "income" had found its existence.

If it is not an income question of becoming it an exempt income does not arise.

Further, section 56(vi), 56(vii) specifically excludes it specifically from the scope of being income- by inserting the following proviso-
" Provided that this clause shall not apply to any sum of money received-
(a) from relatives...."

So gift may be any sum of money but every sum of money can not be income.