Gift declaration
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 January 2016
Do Receiver of Gift required to declare in ITR
Gift received by cheque
Gift received by cheque
CA PARAS BAFNA
(Expert)
06 January 2016
Gifts received exceeding Rs 50000/- from persons other than relatives are required to be shown under the head income from other sources. However, gifts received from the relatives are not specifically required to be disclosed as these are not covered under the definition of income. In a case where an assessee is required to furnish Balance Sheet data, then these details cover the gift amount also.
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