01 April 2013
MY AGE IS 25 YEAR, I RECEIVED RS.1000000/- BY CHQ AS A GIFT FROM MY FATHER. BUT MY FATHER IS NOT FILING I.T. RETURN. MY FATHER GET THIS INCOME FROM SALES OF LAND. LET ME KNOW THIS GIFT AMT CAN I GET EXEMPTION IN MY I.T. RETURN?
01 April 2013
you can get exemption on this amount. You need to keep proof of gift with you. You need to buy a Rs.100/- Stamp paper and mention gift details on that.
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