Disclosure of Gift Received in Income Tax Return
This query is : Resolved
07 May 2011
A woman assessee has received a gift for Rs.25 Lakh from her relative who is a NRI. My queries are
1) whether this amount has to be disclosed in Return of Income
2) If yes, how to be disclosed?
3) By disclosing it whether are there any chances that it will be selected for scrutiny and what precautions / safeguards are to be taken for scrutiny purpose.
Your expert opinion will be highly useful & appreciated
A woman assessee has received a gift for Rs.25 Lakh from her relative who is a NRI. My queries are
1) whether this amount has to be disclosed in Return of Income
2) If yes, how to be disclosed?
3) By disclosing it whether are there any chances that it will be selected for scrutiny and what precautions / safeguards are to be taken for scrutiny purpose.
Your expert opinion will be highly useful & appreciated
CA MANOJ GUPTA
(Expert)
07 May 2011
U CAN DISCLOSE THE SAME UNDER THE HEADING
sCHEDULE EI Details of Exempt Income (Income not to be included in Total Income)
THERE MAY BE CHANCE THAT RETURN IS PICKED UP FOR SCRUTINY
CA MANOJ GUPTA
JODHPUR
09828510543
sCHEDULE EI Details of Exempt Income (Income not to be included in Total Income)
THERE MAY BE CHANCE THAT RETURN IS PICKED UP FOR SCRUTINY
CA MANOJ GUPTA
JODHPUR
09828510543
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