How to show gifted amount in ITR
This query is : Open
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
07 August 2017
depends on the relationship between your wife and the person who made the gift to her.
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
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
07 August 2017
Gift if received from some relative then same is exempted & shown in ITR as exempted head.
Message likes :
1 times
07 August 2017
Also execute a gift deed for legality of transaction.
Message likes :
1 times
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.
Message likes :
1 times
07 August 2017
Thanks for the valuable information
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Value of property in capital gain
- Copyright software
- Form 121 & TDS deduction
- Transporter Declaration form
- Regarding TDS Applicability For Director Remuneration
- LC charges in relation to Asset purchased should be Capitalised ?
- Regarding appeal to GSTAT
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
