Gift where to show in Tax Audit

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344 Points Posted on 11 January 2020
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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On 11 January 2020 at 13:27 Report
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If you've received a gifted flat from your brother, it's generally tax-exempt and doesn't need to be shown in your ITR or Tax Audit Report unless it's taxable. You can optionally declare it under 'fully exempt incomes'. The value to consider is the stamp duty value exceeding £50,000, based on your brother's acquisition cost and date.

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C.A FINAL STUDENT AND QUALIFIED C.M.A
563 Points Posted on 11 January 2020

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/-.

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On 11 January 2020 at 17:18
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17269 Points Posted on 11 January 2020
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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On 11 January 2020 at 23:32

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