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Gift from Relative property
I have received property from relative without any consideration value does i require to show that in Itr
Replies (5)
Quick Summary
No need to report in itr if property is received without consideration from a relative
How to show this in my balancesheet or capital account
Not required
Yes, have to credit capital account with govt value and debit fixed assets and then should show as other sources exempted gift income
Under Income tax act gift from relative is not taxable. The cost will be cost to the previous owner.
We cannot show it in Balance sheet at Market value and depreciate.
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