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 Topics :
- COST OF IMPROVEMENT
- Pillows and Mattresses
- GST Applicability for Reg. / Un-Reg. Indian custom
- Amended GST Act & Rules
- FAST DS 2026 MAIL QUERY
- Does Anyone need CA Foundation books of May2026 at
- Last day for ITR-U for AY 2023-2024 (FY 2022-2023)
- Sale of shares in indian company by a non resident
- Difference in TIS
- GSTR-9C Upload Status Error Occured
Related Topics :
CAclubindia
