Gift from Relatives in ITR
This query is : Resolved
24 July 2022
Dear Sir,
Kindly inform it is prudent to show gift from relative (exempted income) in Income Tax Return or there is any chance of further query if shown.
Kindly reply
Kindly inform it is prudent to show gift from relative (exempted income) in Income Tax Return or there is any chance of further query if shown.
Kindly reply
24 July 2022
It is prudent to file full and correct particulars in ITR.
06 August 2022
By disclosing the gift received from the specified relatives in exempt relatives is advisable as this will be proof of source of funds in future when some big asset is purchase or some bigger investment is made. This becomes particularly helpful in assessment proceedings.
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