As per income tax act, gift received by cheque from mother and received from mother-in-law is exempt. My client has received a gift of rs 2 lakhs by cheque from his mother and his spouse has received a gift of rs 2 lakhs by cheque from her mother-in-law. As per income tax act, gift received by both of them is exempt. My question is that whether gift received by them will be reflected in Income tax return..? If yes then where we have to mention receipt of gift in itr-4 of AY 2013-14..
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