How to report gift money in ITR?
This query is : Resolved
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.
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.
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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