Gift Received

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This query is : Resolved

Saurabh Aggarwal (Querist)

28 September 2008 Hello Everyone

can anyone tell me that where is gift received in blood relatinship is shown in ITR-4. Is there any tax exemption on it.

Thanks
Saurabh

Jitender

Jitender (Expert)

28 September 2008 yes ,it is exempt ,if gift is received from the relatives mentioned in explanation to sec 56(2).

Ravikumar.G

Ravikumar.G (Expert)

29 September 2008 Get it from the following URL:

https://www.caclubindia.com/articles/article_list_detail.asp?article_id=285

https://www.caclubindia.com/articles/article_list_detail.asp?article_id=267

Ravikumar.G

Ravikumar.G (Expert)

29 September 2008 Spouse of the individual;
Brother or sister of the individual;
Brother or sister of the spouse of the individual;
Brother or sister of either of the parents of the individual;
Any lineal ascendant or descendant of the individual;
Any lineal ascendant or descendant of the spouse of the individual; and
Spouse of the person referred to in clauses (ii) to (vi).

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