Good morning everyone,
I'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 😊
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GIFT paid - In ITR
Replies (3)
Quick Summary
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.
Thank you sir.
It is fully exempt
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