Taxability of gift income
This query is : Resolved
25 October 2014
I have received Rs.2 lac gift from my relative. How this income will be shown in my ITR? Will it form part of my total income like agricultural income and I will be taxed at higher slab rate or it gets deducted as a part of Gross Total Income?
26 October 2014
It is to be taxed as Income from oter sources you have not stated the relation with your relative. If the gift giver is your blood relation then no tax
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