Gift thro cheque
This query is : Resolved
29 February 2012
Dear Sir,
I am an income tax assessee. My brother's son in law wants to gift Rs.1,00,000/- through cheque to me today. Shall I take this as gift in my Income tax returns for A.Y.2012-2013. Please advice.
Thanks & Regards,
Chandrika
I am an income tax assessee. My brother's son in law wants to gift Rs.1,00,000/- through cheque to me today. Shall I take this as gift in my Income tax returns for A.Y.2012-2013. Please advice.
Thanks & Regards,
Chandrika
29 February 2012
Yes, You shall take it in your Income tax returns for A.Y.2012-13 under the head Income from Other sources.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
29 February 2012
Such gift is taxable in your hands under Section 56(2)(vii) since it has been received from a non-relative.
Accordingly, you will have to include the gift in your return and pay tax on it.
The amount of gift shall be included in your total income and the normal tax rates will apply to the total income.
Accordingly, you will have to include the gift in your return and pay tax on it.
The amount of gift shall be included in your total income and the normal tax rates will apply to the total income.
29 February 2012
Thanks a lot for the information
Chandrika
Chandrika
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