Gift

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 March 2016 One of my Client's sister has given him gift Rs. 1,00,000/- Is it taxable as he has received notice for non filing. He is under Taxable limit in FY 2013-14.

Kindly guide me.

Amol S Joglekar

Amol S Joglekar (Expert)
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30 March 2016 gift from sister does not fall under the ambit of sec 56(2)(vii). It is NOT taxable in the hands of your client.

Querist : Anonymous

Querist : Anonymous (Querist)

30 March 2016 Then how should it be shown in Income tax return as he has got non filing notice?

Amol S Joglekar

Amol S Joglekar (Expert)
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30 March 2016 Send the reply to the concerned notice stating the reason as said above.
e.g. The gift of Rs.100,000, received from my sister does not form part of section 56(2)(vii). The definition of "relative" as contemplated in the said section covers sister and brother.
you can reply on the similar lines.

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