Gift received from relative to be shown in itr?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 July 2017
Whether gift received from relative which is exempt u/s 56(2)(vii)a should be shown in ITR?
K Srinivas, CMA CS
(Expert)
30 July 2017
If the gifts fall under Sec 56 (2) (vii) (a), they needn't be reported in ITR
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30 July 2017
Only report if in excess of Rs.50,000/- from non relative under IOS. There is no specific exemption u/s 10. It falls under u/s 56 only if in excess of 50,000 from non relative for the entire amount. If below Rs.50,000 from non relative or any amount from relative (as defined in this specific section) it is a capital receipt. Normally under Schedule EI you report whatever is u/s 10 and agriculture income etc.
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