11 October 2020
For cash gift from maternal uncle in excess of 50000 , I believe comes under exempt income in ITR to be disclosed under EI section while filling Returns however will a typed letter signed by the donor and donee be sufficient proof for IT purposes or should it be notarized ? And if the donor is a non resident will it have a different treatment?
12 October 2020
Better have a proper documentation of Gift Deed as faceless assessment has been started and now only documentary evidence will be considered valid during assessement.
CAclubindia
