where to show money received as a gift from father in ITR ?
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Money gifted from father
Replies (6)
its expemted from tax. so need to show
it can be shown as exempt income in column of income from other sources
thanks
NO need to show gift received from father, but make sure that the same is received in cheque and if the amount is huge then better prepare a gift deed.
Safe to make Gift Deed, with declaration under schedule Exempted Income of ITR.
thaks to all
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