Gift from relative

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B.Com

28 Points Posted on 24 July 2014

If one recevies a gift via cheque from brother for one lakh, then :

1. is it reqiured to be declared while filing ITR and what are tax implication on Donor and Donee

2. Is there any documentation required and what is the format.

3. Do the person (DONOR) who has given GIFT need to declare anything or provide any inofrmation while filing ITR.

Thanks...

Replies (1)

Wealth Manager

5293 Points Posted on 24 July 2014

No taxable payable by the person receiving the gift. But, some documentation to record this transaction will help.

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