GIFT from relative taxability
This query is : Resolved
17 March 2024
what are the consequence if we forget to show gift received from relative at the time of ITR Filing ?
and also it is mandatory to prepare GIFT Deed on stamp paper ???
and also it is mandatory to prepare GIFT Deed on stamp paper ???
17 March 2024
for tangile gifts, a gift deed should be there. There is no taxability as long as the relative is covered in the definition of relatives as per the Income tax act.
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