Gift from Relatives in ITR
This query is : Resolved
24 July 2022
Dear Sir,
Kindly inform it is prudent to show gift from relative (exempted income) in Income Tax Return or there is any chance of further query if shown.
Kindly reply
Kindly inform it is prudent to show gift from relative (exempted income) in Income Tax Return or there is any chance of further query if shown.
Kindly reply
24 July 2022
It is prudent to file full and correct particulars in ITR.
06 August 2022
By disclosing the gift received from the specified relatives in exempt relatives is advisable as this will be proof of source of funds in future when some big asset is purchase or some bigger investment is made. This becomes particularly helpful in assessment proceedings.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- SEC 54 OF IT ACT
- REGARDING GST ON COMMERICIAL PROPERTY
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Is Aadhar PAN linking required for opening bank account?
- Form 26QB for TDS on property
- Where to show the RCM on Rent paid to unregistered landlord
- RCM - commercial rent paid to URP under GST
- Payable outstanding for years disallowance
- TDS NUMBER SURRENDER
- GST rate for millets.
- What is paid meaning under form
- Consequences of short and excess provision of expenses
- Provision for income tax and adjustment entry
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
