gift in ITR
This query is : Resolved
27 November 2009
I am salaried and file returns using ITR-2. If I recieve some gift from my dad through cheque, I understand it is exempt from income tax.
Do I need to show the amount in my ITR anywhere?
Do I need to show the amount in my ITR anywhere?
27 November 2009
u can show it under IFOS and than can claim it as exempt
CA. Rishabh Mittal
(Expert)
28 November 2009
Please note that their is no seperate column for exemptions in "SCHEDULE OS" of ITR 2. You need not to show anywhere in ITR 2 regarding gifts which are not taxable.
(NOTE - Column related to Deductions in "SCHEDULE OS" relates only to Section 57 & not exemptions under Section 56)
(NOTE - Column related to Deductions in "SCHEDULE OS" relates only to Section 57 & not exemptions under Section 56)
28 November 2009
Thanks for the information. Since I will not be showing the gift anywhere, should I keep some documentation with me to prove the same in case of a scrutiny or just the bank transfer details will be fine?
CA. B.SRINIVASULU
(Expert)
28 November 2009
You should keep documentation.
If the value of gift is less for eg. less than 2 lakhs then letter is requied.
If the value is more than 2 lakshs get the letter in 100 rupees stamp paper.
If the value of gift is less for eg. less than 2 lakhs then letter is requied.
If the value is more than 2 lakshs get the letter in 100 rupees stamp paper.
CA CHINTAN AJMERA
(Expert)
28 November 2009
Agree
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