gift from mother in law

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

25 May 2011 i have received a gift from my mother in law for Rs. 50000. where to write the same in itr4 and under which section the exemption has to be claimed in itr4.
thanx in advance

CS Bijoy

CS Bijoy (Expert)
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25 May 2011 As per section 4 of income tax act 1961 in case any gift is received without adequate consideration than the asset and the income generated from the asset is clubbed with the income of the person giving the gift.

Querist : Anonymous

Querist : Anonymous (Querist)

25 May 2011 Dear Sir,
all i want to know is , since i am a receiver of the gift, the amount received is to be added in my income and in which head and also since this free is exempt from income tax to me, under which section this deduction has to be claimed and which section of itr4 form has to be filled.

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