If property is received through gift deed from father to son
1. How it should be reflected in ITR of son & father?
2. Shall it be a simple entry in Schedule-AL or any details need to be provided elsewhere?
3. In son's ITR, schedule-AL, what should be value of the asset reported? Shall it be as per valuation indicated in gift-deed?
1. Under Schedule EI of son's ITR.
2. No need to file Schedule AL if aggregate income doesn't exceed 50 lakhs.
If NRI husband transfers, say Rs. 10 lacs, from his NRE account to wife's NRO account and wife invests it in shares. Shall the amount of 10 lacs be reported in similar way in schedule EI of wife's ITR? There is no section under drop-down menu for reporting gift.
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1. House-property received is more than 50 lacs, so it will be included in schedule-AL. YES. and value=government valuation indicated in gift deed? YES. |
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If NRI husband transfers, say Rs. 10 lacs, from his NRE account to wife's NRO account and wife invests it in shares. Shall the amount of 10 lacs be reported in similar way in schedule EI of wife's ITR? There is no section under drop-down menu for reporting gift. Correct.... |
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