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...
No taxable payable by the person receiving the gift. But, some documentation to record this transaction will help.
MANUJ SHARMA AND COMPANY
Noida
CA Inter
View Details
Hema Yashwanth & Associates
Chennai
B.Com
View Details
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
RBSM Corporate Advisors Private Limited
Pune
CA
View Details
Interactive Media Pvt Ltd.
New Delhi
CA Inter
View Details
CCI
Pro
CAclubindia
