Gift received from father in law

331 views
User Avatar

Tax Advocate
137 Points Posted on 24 December 2020
dear sir,

i got money transfer (Gift) in my bank account of Rs. 5 Lakh from my father-in-laws.

is it taxable?

If not, then where will be show in ITR 1
0 Reply Share Follow
On 24 December 2020 at 21:36 Report
Replies (3)
Quick Summary
A user received a £5 Lakh gift from their father-in-law and is unsure if it's taxable in the UK. They are also seeking guidance on how to declare this exempt income on their Income Tax Return (ITR) form, specifically whether it can be shown under 'exempt income' in ITR 1 or if ITR 2 is required.

User Avatar

205 Points Posted on 24 December 2020
You have show exempt incomeu/s 56 in form itr2
1 Reply
On 24 December 2020 at 23:26
User Avatar

Accountant
4533 Points Posted on 25 December 2020
Yes exempt
2 Reply
On 25 December 2020 at 00:10
User Avatar

Tax Advocate
137 Points Posted on 25 December 2020
Sir there is a option of exempt income in ITR 1. can we show there.
Reply
On 25 December 2020 at 06:12

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Guidance Required on Filing Fresh Registration und
  2. IT Return Refund Status AY 2026-27
  3. Clarification Regarding Income Tax Demand Notice
  4. Online PAN Download: Check How?
  5. Demand of Late fee/Interest under section 75 of GS
  6. DSC registration on TRACES portal
  7. Can we get registered for MCA if we get a Virtual
  8. DONATION PAYMENT REG
  9. GST IDS Refund – Statement 01A: Invoice Not
  10. TDS deposit code & TDS return

More recent discussions | Post

Related Topics :

Loading