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Gift where to show in Tax Audit
hello friends, one of my client received flat from his brother. both r doing business. is we have to show gift received in ITR and Tax Audit Report. please advice where to show in both. please suggest
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Gift in form of Immovable Property received from brother is exempted from Tax. Not required to disclose it unless it is taxable , or else you can show in Incomes fully exempt sheet, the value of which will be displayed at 'others' in exempted Incomes box on the face of Acknowledgement of I.T.R.Value shall be the Stamp Duty Value which exceeds Rs 50,000/-.
Just to add that value/cost will be the cost at which your brother acquired the flat. And date of acquisition will be the date on which your brother acquired the flat.
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