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Gift

Ramakant Yadav (student) (25 Points)

25 July 2016

My friend has received a car at the ocassion his marriage from his father in law, now what is the tax treatment and how is it shown in ITR?

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3 Replies

Udgam Koomar (Tax Technologist) (1949 Points)
Replied 26 July 2016

It should come under the perview of relatives, since its not money, ITR has no provision to show it

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Praveen Kumar Agarwal (Accountant) (180 Points)
Replied 26 July 2016

This is a case of gift from relative. Gifts from relatives are exempt in Income tax act. You can show it under the annexure of exempt income in ITR.

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CA Harshal Totla (Chartered Accountant) (2229 Points)
Replied 26 July 2016

Gifts received from relatives (whether in cash or in kind) or on the occasion of marriage of individual is exempt from income tax. Father of spouse comes under the definition of relative. So, no tax payable on it. However, while filing ITR don't forget to show it under exempt income annexure.

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