HELLO FRIENDS, MY CLIENT HAS RECEIVED A GIFT OF RS. 5,00,000 BUT IT IS EXEMPTED U/S 56.
WHETHER IT IS REQUIRED TO SHOW IN THE ITR IF YES IN WHICH COLUMN AND HEAD.
PLS. REPLY.
THANKS.
HELLO FRIENDS, MY CLIENT HAS RECEIVED A GIFT OF RS. 5,00,000 BUT IT IS EXEMPTED U/S 56.
WHETHER IT IS REQUIRED TO SHOW IN THE ITR IF YES IN WHICH COLUMN AND HEAD.
PLS. REPLY.
THANKS.
GIFT WILL BE SHOWN UNDER INCOME FROM OTHER SOURCES
BUT UNDER WHICH COLUMN IT HAS TO BE SHOWN IN ITR.
In my opinion.
if it is from a relative then it needn't be shown in ITR as income and then claim exemption. However, ensure that a gift deed is prepared with all the relevant details.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
CAclubindia
