GIFT paid - In ITR
Pradhish Raj (46 Points)
21 November 2021I've paid Gift to my relatives worth Rs. 10L in a FY.
So, is that taxable under my hand ? or the receiver.?
and am required to report this anywhere in ITR ? .
thanks 😊
Pradhish Raj (46 Points)
21 November 2021
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160342 Points)
Replied 21 November 2021
1. Not taxable in your hand. Taxable in receivers hand, provided he is not 'Relative' as per sec. 56(2) of IT act.
2. Not required.
CA. Sourav Sarkar
(Chartered Accountant )
(24578 Points)
Replied 21 November 2021
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