Dear Members, please guide me on this.
Gift given by Sister to her Brother Rs.51000.
Should Brother declare it in IT returns?
Is it taxable?
Where to declare it in ITR3?
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Gift received from Sister
Replies (2)
Quick Summary
Gift from sister comes under exempt income as per sec. 56(2)(x) IT act. It may be declared under Schedule EI.
P.N. ::: Schedule EI has defect, waiting for glitch removal by developer; so if you use Schedule EI, it will not be uploaded.
Gift received from reletive is exempt under section 56(2) of the income tax Act 1961 . ( Now who are the reletives is also mentioned in this section , So Please refer section in detail) .
1) Yes , he has to show in IT return .
2) Not taxable
3) Show under exempt income.
4) Gift deed is must , as documentary evidence, so prepare and keep it for safer side.
Take more Opinion on this.
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