I have received a gift from my son during this year
In addition I have income only from interest, Capital gains & House Rent
I want to know which ITR form to use for filing my Tax return & under which column of that form do I have to show the amount of gift received by me
2nd Part of the question is where should my son show the sum that he has given to me as gift while submitting his IT Return ?
(He will be submitting form ITR-2)
Thanks for advising
Sir,
1) U need to use the ITR - 2
2) U need not show anywhere in the ITR the amount of the Gift received by you.
3) Also your son need not show any where the amount of Gift he ahs given you
as the gift given by Son to Father can not be treated as Income.
sunil
you should declare the gift received in exempt income column since there is no other place to show such receipts
your son should show the gift given the tyhe column where 1,2,3,4,5,6, class of investments like mf share property cash deposit etc are to be mentioned with details as nature & name since there is no place to show such payments
CAclubindia
