Gift in Income Tax
This query is : Resolved
21 June 2023
Hi,
I Have received agriculture land from my father as a gift.
But my father does not file IT return, even after can I avail exemption for this Gift ?
If Yes, Is this mandatory to show in my IT return that I have received exempt Gift ?
I Have received agriculture land from my father as a gift.
But my father does not file IT return, even after can I avail exemption for this Gift ?
If Yes, Is this mandatory to show in my IT return that I have received exempt Gift ?
21 June 2023
1. Any Gift received from Father is exempted to Son under IT act, sec. 56(2).
2. No worry even if father may not have filed return, as agricultural income is exempt under IT act.
3. If Rural agricultural land, no need to declare it in ITR.
2. No worry even if father may not have filed return, as agricultural income is exempt under IT act.
3. If Rural agricultural land, no need to declare it in ITR.
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