How to report gift money in ITR?

This query is : Resolved

J Singh (Querist)
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22 July 2011 I have received Ra 1 Lac as gift from my sister based abroad. I understand this money is not taxable. My queries are :

1. Do I have to show/declare this money by any method/any form to any agency?

2. If yes, which one, under what head?

3. If no, do I need a gift deed? And is the gift deed required only to have a record in case of a query, or does it have any other purpose?

4. Since this money will be transferred from a non-indian account to an Indian account, is there any other document/precaution/reporting that needs to be done.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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25 July 2011 The gift from the blood relation is not taxable and directly it is to be added to your capital. There is no provision to show the gift. I think if you fill up the exempted income then only you can show this other wise not.

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