I have received gift in bank transfer from my mother,spousr and brother . below are the queries:
1. Is it taxable in my hands?
2.Is gift deed required to be made for INcome tax purpose?
3.under which section it needs to be disclosed in my income tax returns?
4.Any stamp duty or other taxes need to be paid for this transaction.
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Gift received in cheque from mother and brother
Replies (4)
Only thing you got to keep in mind is that ma'am, any earnings you make from Sum received from spouse shall be clubbed with his income.
| Originally posted by : Sam | ||
 |
Only thing you got to keep in mind is that ma'am, any earnings you make from Sum received from spouse shall be clubbed with his income. |  |
Why will that be?
It's a cash gift. Once you get it, it's yours. Whatever you earn from that is your income, not anyone else's.
Oops, sorry, I didn't see the word spouse above!
Sec 56(2)(b) gifts from relative.
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