Gift income u/s 56(2)


Mayur Bagresha   12 July 2019

Mayur Bagresha

 14 points

| My Other Post

Mr Raj(father) has equity share of Rs 50 Lacs and on death of Raj by inheritance but without making gift deed
His shares are transferred to Diya(daughter) and in F.Y 2018-19 she has sold such shares
The amt received on above shares is divided between diya and diya's sister Seema of Rs 25 Lacs each by making gift deed
So my query was whether such amt would be taxable or not in the hands of Diya as well as Seema and where would it be reflected in ITR-2

avater

Kaushik Sen (student)     12 July 2019

Kaushik Sen
student 
 13 likes  123 points

View Profile | My Other Post

As Diya sold the shares, she should file the ITR, and fill the details of the sold shares in 'schedule 112A'; She will be liable to LTCG if gains exceed 1 lakh.

Any gift received by Seema will be tax-exempt.

2 Like
avater

Mayur Bagresha   12 July 2019

Mayur Bagresha

 14 points

View Profile | My Other Post

Where should I have to show exempt gift income in form itr 2 And please specify head

avater

Kaushik Sen (student)     12 July 2019

Kaushik Sen
student 
 13 likes  123 points

View Profile | My Other Post

In case of Seema's ITR, under 'schedule EI'

avater

Mayur Bagresha   12 July 2019

Mayur Bagresha

 14 points

View Profile | My Other Post

Under exempt income where


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  



Popular Discussion


view more »