Refresher Course on Bank Branch Audit Course

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

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,


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.

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.

29 February 2012 Thanks a lot for the information


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link

Similar Resolved Queries


Unanswered Queries

Follow us
Course 2023 Course 2023

Answer Query