25 July 2019
One of my client getting money as gift from his sister from USA. He is a salaried person and resident in india and Income having Rs.5 Lakhs. Whether is it required to disclose his income tax return. If yes where it is?
30 July 2019
Dear Seetharaman Sir, I verified all columns of ITR-1 and ITR-2 in Income from other sources. But I did not find column which relates to Gift from relative. And one of Experienced auditor saying that Gift from relative is not an exempt income and it's not at all Income. So there is no required to disclose in Income Tax Return. Please clarify
31 July 2019
You have to declare under exempt income schedule not in income from other sources. If this is the only income for you there is no need to file income tax return.
CAclubindia
