How to show gifted amount in ITR
This query is : Open
sreenivas patil
(Querist)
07 August 2017
Dear Experts,
Good evening,
Sir, My wife got gifted amount Rs. 350,000/- and that amount transferred to our joint A/c due to insufficient funds to show in my A/c for Europe visa purpose, please let me know how I have to show the amount in my ITR and also let me know whether it is not taxable income or taxable income... Thanks in advance
Nikhil Kaushik
(Expert)
07 August 2017
depends on the relationship between your wife and the person who made the gift to her.
sreenivas patil
(Querist)
07 August 2017
Hi sir, let me explain the situation clearly... Actually my father-in-law sold his property and some amount around 8L buyer directly transferred to my wife's a/c on instructions of my father-in-law it's happens in feb-16, and my wife transferred some amount
sreenivas patil
(Querist)
07 August 2017
To her father a/c and 3.5L my a/c (it's our joint a/c) in the month of July - 16, please let me know what will be the situation for ITR, PLEASE LET ME KNOW WHAT I HAVE TO DO
CA Rashmi Gandhi
(Expert)
07 August 2017
Gift if received from some relative then same is exempted & shown in ITR as exempted head.
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CA Rashmi Gandhi
(Expert)
07 August 2017
Also execute a gift deed for legality of transaction.
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Nikhil Kaushik
(Expert)
07 August 2017
nothing taxable in your wife or your hands. but whatever capital gains your FIL earned, he needs to pay tax on it.
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sreenivas patil
(Querist)
07 August 2017
Thanks for the valuable information
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