Presentation of gifted amount to specified assessee

This query is : Resolved

Shyam Tripathy (Querist)
Follow

28 March 2016 How Can the Cash amount which has been gifted by an assesse to another assesse during a financial year be shown in the Income Tax Return??

Is it Cumpolsory to Show the Cash Amount which has been Gifted by an assessee to another assessee in his/her ITR Return?

And Whether the Receiver Assessee of "The Gifted Cash Amount" need to show it in the IT Return? IF so, how..??

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

28 March 2016 Please go through section 56. It will give you the taxability. (Please note it is subject to 2 basic things, one being relative or not and secondly the magnitude of the gift)

https://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx

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

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

NIKHIL GUPTA

CA. Urmila Mahalwal

DHANASHRI KARMARKAR

Anurag Sharma

shubham agrawal

Subscribe Now

Presentation of gifted amount to specified assessee

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANCY

Accountant

GST CONSULTANT

CA Final

Senior Executive

Manager- Finance and Compliance