GIFT FROM FATHER'S SISTER
This query is : Resolved
23 September 2009
My son is now over 18 years and had received gift from my sister to purchase a 2 wheeler. Which ITR Form has to be used and under which section should the amount be entered in the exempted income as gift is from father's sister (relative as defined).
23 September 2009
ITR- 1 should be used and that gift will exempted u/s 56(2).
23 September 2009
Hi Sunil,
Gift is not income under any of the five (5) heads of income as per Income Tax Act.
Gift Tax means tax payable on gift by the person making the gift and not in the hand of the recipient of the gift.
Only income arising from the gifted property is taxable in the hands of the person who received the gift.
So receiving of gift is not an income and not to be disclosed in any itr form.
If you are interested to know more please check
http://www.incometaxindia.gov.in/GIFT%20TAX%20ACT.asp
Thanks
Sanjay
Gift is not income under any of the five (5) heads of income as per Income Tax Act.
Gift Tax means tax payable on gift by the person making the gift and not in the hand of the recipient of the gift.
Only income arising from the gifted property is taxable in the hands of the person who received the gift.
So receiving of gift is not an income and not to be disclosed in any itr form.
If you are interested to know more please check
http://www.incometaxindia.gov.in/GIFT%20TAX%20ACT.asp
Thanks
Sanjay
23 September 2009
agree with Mr. Sanjay
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