If I received a gift from my father, should I mention it anywhere in my ITR or should I prepare a gift deed simultaneously?
What's the procedure we should follow whenever we receive the gift?
Menu
Gift, only deed or something else ?
Replies (6)
Quick Summary
What is the kind of gift received?
RTGS transaction
No need for any gift deed in that case, as its gift from your father, which as per IT act, relative to you, and hence exempt from any taxability.
You can declare it in your ITR under Schedule EI...
Okay, thank you so much.
You are welcome ..
Sec 56(×) 2
Recent Topics :
- LTCG on property sale
- Capital gains incidence due to bonus shares
- Amendment of Object Clause of Memorandum
- How Can I Request a Refund for an Accidental Airte
- TDS on salary paid in cash
- YEAR END GST ENTRY FOR RCM NOT PAID RS 5000 I.E OU
- Last Date To Fill ITR For Non-Audit Case
- Guidance Required on Filing Fresh Registration und
- IT Return Refund Status AY 2026-27
- Clarification Regarding Income Tax Demand Notice
Related Topics :
CAclubindia
