Gift
This query is : Resolved
20 January 2016
Is gift received from relatives rs.5lac to be shown in income tax return ??
20 January 2016
Gift received from a relative is an excluded income. That means it does not form part of income at all. Hence, there is no separate claim for exemption or deduction. For disclosure purposes, one may disclose such receipts at "EI" schedule of ITR. This is nothing wrong, in my personal view.
21 January 2016
Not require, but should have gift deed for source of money.
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