Gift

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dilip (Querist)
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17 April 2014 IF HOUSE WIFE GET CASH GIFT FROM HIS PARENTS/BROTHER/SISTER AND SAME ACCUMULATED AMOUNT DEPOSITED IN BANK. IT IS COMPULSORY TO SHOW IN HIS RETURN OR NOT?

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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17 April 2014 The gift received from relatives is exempted to tax, so in case of she filing return of income then it has to disclose at the schedule EI of the Income tax return form.

You are saying the assessee is house wife means she may not have any taxable income so she need not to file income tax return.

If she not required to filing of return of income then you can't disclose it in income tax return(means not indicate to the IT Department), so if she receives any IT notice from the IT department requesting sources of deposit in savings bank account then reply to that notice such amount is received as gift from so and so with relation ship along with support of the evidence documents like gift deed etc... My suggestion is in your case she is not required to file any income tax return hence she didn't have any taxable income, so better to take gift deed from all the gift payers because of you gift is in liquidity, so for this gift only gift deed at the time of receipt of gift shall be evidence for gift. So take gift deed to avoid future problems from the IT department or others.

OM SAI SRI SAI JAI JAI SAI

dilip

dilip (Querist)
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17 April 2014 thanx for an early reply..thank u very much...

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