Menu
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
Replies (2)
Quick Summary
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.
Recent Topics :
- TDS on payment to a non resident
- NSFA(National Food Security Act) commission
- RCM applicability on petty GTA freight (₹450
- Short payment reccieved in export & GST implic
- Parag Gupta vs Purushottam Aggarwal- who is best f
- GST applicability on own-vehicle goods transportat
- FAST DS Scheme 26
- 12A registration expired in FY 22-23 and is not re
- Seeking Clarification on Business Code Selection a
- CG on property sold after construction of a house
Related Topics :
ARTICLESHIP
07 September 2026
Article/ Paid Assistant
Murali and Sumeet Chartered Accountant
Bengaluru
CA Foundation
View Details
ARTICLESHIP
07 September 2026
CA Articles
Kothari Jain Patil & Chartered Accountants
Pune
CA Inter
View Details
09 September 2026
SENIOR AUDITOR & ACCOUNTS MANAGER
Anupam Parashar & Co.
Ghaziabad
CA Final
View Details
CCI
Pro
CAclubindia
