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How to show gifted amount in ITR

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(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
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
07 August 2017 depends on the relationship between your wife and the person who made the gift to her.
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sreenivas patil

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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
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sreenivas patil

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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
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CA Rashmi Gandhi

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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

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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

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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

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sreenivas patil (Querist)
07 August 2017 Thanks for the valuable information
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