Gift received - movable property

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This query is : Resolved

Shikha Bhojwani (Querist)

01 March 2018 I have a query:
Wife received bonds as gift from spouse-
1. Gift received is not shown in ITR - What shall be the consequences.
2. Is registration of Gift deed for movable property mandatory ?
Regards
Shikha

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)

01 March 2018 1. This gift is from a relative and hence, tax free. It need not be reported in ITR

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)

01 March 2018 2. Not mandatory to register gift deed

RAJA P M

RAJA P M (Expert)

02 March 2018 2. Not mandatory... 1. No need worry for without Showing the details.

RAJA P M

RAJA P M (Expert)

02 March 2018 2. Not mandatory... 1. No need worry for without Showing the details.

Arpit

Arpit (Expert)

06 March 2018 It is only advisable and not mandatory to declare large Gifts (which are from relatives and not taxable) in your Income Tax Return under Exempt Income. Further, it is not mandatory to enter into gift deed

Shikha Bhojwani

Shikha Bhojwani (Querist)

08 March 2018 Thank you all..
It helped !! :)

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