HOW TO SHOW GIFT IN ITR-1?

ITR Filing 1476 views 10 replies
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Assistant
93 Points Posted on 27 December 2020

I want to buy home in Delhi. My Bhua wants to gift Rs.15 Lakh in my saving bank account through cheques in January 2021. We will also execute gift deed. 

My main question is ?

Q1. Is my gifted money is exempt from Income tax?

Q2. How to show gift in ITR-1 from blood relatives under which section and where ? Please explain in detail

 

 

 

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On 27 December 2020 at 20:26 Report
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Chartered Accountant
24588 Points Posted on 27 December 2020
Gift is shown as income from other sources in itr

gift value less than 50000 rupees is exempt in itr

gifts from specified relatives are exempt means wife, husband, father and mother.

As per your case, your gift from your bhua is taxable income as it exceeds 50000 rupees. Further it is not from specified relatives.
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On 27 December 2020 at 20:37
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378 Points Posted on 27 December 2020
It won't be taxable as it is recieved from related person bua is considered to be relative
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On 27 December 2020 at 20:47
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Chartered Accountant
24588 Points Posted on 27 December 2020
No bua is not considered as relative in it act
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On 27 December 2020 at 21:03
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378 Points Posted on 27 December 2020
Father's sister is covered please check
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On 27 December 2020 at 21:20
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Chartered Accountant
24588 Points Posted on 27 December 2020
Yes yes I was not aware that of actually i don't understand meaning of bua as I'm bengali... 😅😅
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On 27 December 2020 at 21:22
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378 Points Posted on 27 December 2020
Okay no issue
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On 27 December 2020 at 21:46
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STUDENT
1631 Points Posted on 27 December 2020
Upto Rs .50000 - exempt
On marriage occassion , gift from father fully exempt !

Shown under the head " Income From Other Sources "
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On 27 December 2020 at 23:50
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Assistant
93 Points Posted on 28 December 2020

Gift from Father Sister is not taxable as per my internet study on Gift Law act.

Please check it again and my Question Number 2 is not answered yet. Please answer it if possible

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On 28 December 2020 at 12:35
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Assistant
93 Points Posted on 28 December 2020

Gift from Father Sister is not taxable as per my internet study on Gift Law act.

Please check it again and my Question Number 2 is not answered yet. Please answer it if possible

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On 28 December 2020 at 12:35
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378 Points Posted on 28 December 2020
Exempt under 56(2)x
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On 28 December 2020 at 12:38


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