I want to know that is it compulsory for the assessee to file return of income in case of he is in receipt of money as gift from the relatives as defined under income tax even though he has no other income and income as gift is less than the maximum amount not chargeable to tax ? Is such gift is valid gift ?
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Sec.56(2)(vii) of income tax
Replies (2)
No need to file return. For safer side only execute the Gift deed.
yeah..... to provide evidence whenever AO wants, it is good to excute gift deed,,,
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