Income from other head
This query is : Resolved
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
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
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.
you need to show this in ITR2. In itr1 only exempted income upto Rs 5000 can be shown.
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
please reply sir
16 May 2014
it is no where written that it only includes section 10. the condition is income not liable to tax.
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.
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.
20 May 2014
in "Schedule EI" - Others, including exempt income of a minor child
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