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Ids scheme 2016 reg....
Dear all,
I am a salaried employee and during the year 2008 I purchased a land and registered it for Rs.9.00 lacs value. Out of my saving of Rs.2.50 lacs and got money from my father Rs.7.00 lacs who is a senior citizen out of his retirement benefits and in my return the gift amount got from my father is not shown. whether in future if query is raised from IT if I prove the amount received from my father it is enough Kindly clarify.
Thanks & Regards,
Nagarajan
Replies (2)
Father son gifting is allowed, you sjould have just made a gift deed that time even if u dint mention it in ITR
if you want to claim the tax exemption on the gifts, please make sure that you have the gift deed executed and who is gifting signed on the papers. Without that the gift laws are not valid for claiming the exemptions.
Please try to consider it as "Gift received under a Will or by way of inheritance" & find out ways to document the same.
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