Gift from relative.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 February 2012 Dear sir,
If an individual receives a gift of Rs. 50000/- from his relative in F.Y. 2010-11.
In which schedule of ITR 4, he can show this gift?
Thanks !

CA. Hari Kishan

CA. Hari Kishan (Expert)
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11 February 2012 Gift received from a relative is exempted and shall not form part of the income.. there shall be no disclosure as to this in the ITR.. only disclosure is with regard to exempted income under section 10..

Querist : Anonymous

Querist : Anonymous (Querist)

11 February 2012 Whether the said gift can be show in Schedule EI (exempt income)?

CA. Hari Kishan

CA. Hari Kishan (Expert)
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11 February 2012 gift does not fall under section 10 exempt income.. as such schedule E1 for those income which are exempt under sec 10 only.. hence no disclosure is required..

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