If a person receives amounts by way of an inheritanc or gift (from a close relative), as these are not taxable, being capital receipts, where should one show these inflows in his I-T Return? (The income earned from investing these capital receipts would be shown in the respective categories such as interest or dividend.)
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Inheritance or gift - where to show in i-t return
Replies (2)
Under Schedule 'EI' i.e. Exempted Income........ Others...
The amount received through gift or by inheritance from relatives will show in Itr under the schedule EI (i.e. Exempt income).
Yes the Income earned from these receipts would be shown in respective head of income as earned
Yes the Income earned from these receipts would be shown in respective head of income as earned
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