gift recd.
This query is : Resolved
07 August 2010
i recd. gift from my brother in foreign currancy who is living in america, should i required gift deed in respect of that for income tax purpose or not ( rS. 13 LACS)
CA Sanat Pyne
(Expert)
07 August 2010
it is not mandatory but it is better to make a gift deed.
07 August 2010
Yes you will need a gift deed. The above gift is exempt from tax as it is received from relative.(U/s 56(2)(vii).
07 August 2010
A letter from your brother to you regarding the details of such gift will do the needful, though its not mandatory but its always advisable to be on the safer side.
VINOD ARORA
(Expert)
07 August 2010
gifts received from relative do not attract income tax liability, however to explain the receipt there should be either gift deed or some other written doc.
Murtaza I Bhagat
(Expert)
07 August 2010
agreed, prepare gift deed is good.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- EPF ECR NEW FILE SEP 17TH 2026
- Import of Software Service.
- Under marginal scheme
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- Oct 2025 Invoices
- Non filing of I T Returns
- Utilisation Fy 25-26 TDS challans in Fy 26-27 TDS Return
- TAX AUDIT ON PROFESSIONAL INCOME
- TDS on Fixed Assets purchased
- Capital Gail Exemption Certificate
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
