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
https://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
https://www.incometaxindia.gov.in/GIFT%20TAX%20ACT.asp
Thanks
Sanjay
23 September 2009
agree with Mr. Sanjay
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS 194-T applicability
- Tds on commission charges
- Fixe term employment
- GST ITC REVERSE
- Regarding Applicability of Tax Audit u/s 44AB
- Withdrawal in cash from partners capital account by partner
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- Consolidated financials
- Section 50-fixed asset-->building ceases to exist
- TDS on TRUST
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
