Income from other head

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sushil kumar singh (Querist)

15 May 2014 dear sir
one my client is salary employee and he got the gift from foreign amt 50000/-
can he get the exemption u/s 56(1),and i want to know that fellow itr i show the amt or not.
please reply .
thankyou

Nikhil Kaushik

Nikhil Kaushik (Expert)

15 May 2014 yes it shall be exempted provided no other cash gift was received during the year from any other person who is not covered within the definition of relative.

you need to show this in ITR2. In itr1 only exempted income upto Rs 5000 can be shown.

sushil kumar singh

sushil kumar singh (Querist)

16 May 2014 but sir ,exemption limit 5000 is applicable for u/s 10.and we get this exemption u/s 56(1).so why we file return in itr2.
please reply sir

Nikhil Kaushik

Nikhil Kaushik (Expert)

16 May 2014 it is no where written that it only includes section 10. the condition is income not liable to tax.

sushil kumar singh

sushil kumar singh (Querist)

20 May 2014 dear sir
i download itr 2 but in os page i did not under stand in wtich colum fill the amt of gift amt and where i claim for exemption .
please reply.

Nikhil Kaushik

Nikhil Kaushik (Expert)

20 May 2014 in "Schedule EI" - Others, including exempt income of a minor child

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