Tax on gift to parents / grand parents
This query is : Open
kamlesh patel
(Querist)
19 March 2019
Whether a gift made to parents or grand parents by a major individual taxable, either in the hand? Is he required to disclose it in his I T Return. Is parents / grand parent required to disclose in their I T returns.
K Srinivas, CMA CS
(Expert)
19 March 2019
Gifts made to relatives is not taxable for the giver and the receiver
K Srinivas, CMA CS
(Expert)
19 March 2019
Gifts received can be showed under schedule EI - Exempt income in ITR
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