Presentation of gifted amount to specified assessee
This query is : Resolved
Shyam Tripathy
(Querist)
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..??
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
(Expert)
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
https://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx
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