As message title suggest.
Chetan
(Associate)
(26 Points)
Replied 17 May 2012
Prateek Agarwal
(Sr. Executive - Finance & Accounts)
(1732 Points)
Replied 17 May 2012
Hi Chetan,
Gifts received at the time of marriage is exempted from taxation.
So you don't have to show GIFTS in ITR. just add the same with your capital and show it in the Balance Sheet portion of the ITR.
Regards
Prateek
Sandeep Himatsingka
(SCM-Head)
(85 Points)
Replied 17 May 2012
I hv recd gift fm my father in form of Cash.
Sarvesh Kumar Singh
(Student CA Final (Articled Asst.))
(170 Points)
Replied 18 May 2012
Gift received on occassion of marriage or any other incomes which are exempted from tax should be shown under the schedule "DETAILS OF EXEMPTED INCOME" in ITR.
Sandeep Himatsingka
(SCM-Head)
(85 Points)
Replied 18 May 2012
What should be the format of the gift-letter?
Pls answer my above pointwise.
ankita Goyal
(Student CA Final)
(113 Points)
Replied 18 May 2012
You are not required to show it in ITR as it is tax free.
raghav
(MBA-(HONS)FINANCIAL SERVICES)
(25 Points)
Replied 18 May 2012
Dear !!!! There is not any such specified format for the same.
Sarvesh Kumar Singh
(Student CA Final (Articled Asst.))
(170 Points)
Replied 18 May 2012
Except in ITR 1, we have to show all tax free incomes like Dividend, Gift, PPF Interest etc. in remaing ITR Forms.
Sandeep Himatsingka
(SCM-Head)
(85 Points)
Replied 18 May 2012
Please solve my queries posted in FORUM under subject "Company's mobile".
Thanks in advance
Prateek Agarwal
(Sr. Executive - Finance & Accounts)
(1732 Points)
Replied 19 May 2012
Dear Sandeep,
In case of gifts, a gift deed has to be made by your father in your name. The same should be in a stamp paper.
It should mention the amount and reason for giving the gift.
Regards
Prateek
vinodkumargupta
(proprietor)
(115 Points)
Replied 19 May 2012
Please keep full detail of gift received in cash at the time of marriage in your record . You need not to show full detail in ITR , But show the total of receipt .
VINOD GUPTA
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