13 September 2010
a)If some one receives a gift from a non relative exceeding Rs. 50000/- during the F.Y 2009-2010, and he has other business incomes as well , then while preparing his ITR-4 where/how such gift should be disclosed ;
1. Under which head 2. In which colomn of the ITR-4
b) Can we disclose the amount of Gift received from relative in the Tax return even though it is exempted from tax . If yes how & where.
13 September 2010
Schedule OS - Income from other sources 1) Income other than from owning race horse(s):- d) "Others, Gross (excluding income from owning race horses)"
13 September 2010
b) there is no place for the same and it is not income at all. However u can do the same by Schedule EI - Details of Exempt Income (Income not to be included in Total Income)
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