Gift declaration in itr
This query is : Resolved
01 February 2014
is it mandatory to show gift received from brother in ITR as in my opinion gift is a capital receipt
Nikhil Kaushik
(Expert)
01 February 2014
it is not required...however kindly maintain relevant records for the gifts received from family.
AVTAR SINGH
(Expert)
01 February 2014
If you want to claim the tax exemption on the gifts, please make sure that you have the gift deed executed and who is gifting signed on the papers. Without that the gift laws are not valid for claiming the exemptions
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