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.
Menu
Gifts
Replies (3)
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.
Recent Threads
- Closing Stock111
- INVOCIE GENERATED FROM ONE COMPANY AND EWAY BILL G
- Ineligible itc under section 16(4) & itc restr
- Itc on when mixed sales percent in hospitality
- Apply for GST registration while working in MNC
- Deferment period for Advance Tax under Section 234
- Permanant transfer of duty free goods by Advance A
- 1% TDS Deduction on Property purchase through inst
- Tax on leave encashment on retirement
- Guidance Required on Notices Under Section 234B Af
Related Threads
CAclubindia
