An assessee (Women) who has a business income and other income (interest on fd etc) has received a gift for Rs.8 Lakh from her relative who is a NRI.
My questions in this regards are
1) whether this amount has to be disclosed in Return of Income
2) If yes, how to be disclosed?
3) By disclosing it whether are there any chances that the ROI will be called for scrutiny and what precautions and documentary proof need to keep in handy.
Your expert opinion will be highly useful appreciated and is there any previous instances cases to this effect.
CAclubindia
