Is gift received in other than blood relation taxable. If yes then where is it shown in ITR 4. Please send the schedule name.
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Gift received
Replies (2)
If the gift is not recived from specified person or on specified occassion and more than 25000/-, it is an income (income from other sources), as per Section 56(v) of the IT Act and has to be delat accordingly.
Yes, I agreed with Mr Rajesh Kumar
. List of specified person is mentioned U/s 56 (v)
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