Gift from relatives

This query is : Resolved

snehal (Querist)
Follow

13 August 2015 thanks in advance.if a bride has recd gift on occasion of marriage from relatives. but that is not shown in it return in previous year by bride and his relatives and both has filed the return.will it be ok? if it is not shown then can any future problem may come? or can it be shown in current year it return?and such gift is not shown anywhere or no gift deed is there for such gift?

CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
Follow

13 August 2015 Ideally This should be shown in ITR. But Practically Many of Us not showing this.

AO can Send you Notice in regard to this.

Suggestion is Now do nothing, lets see after any communication from ITO.

Soumitra Basu

Soumitra Basu (Expert)
Follow

13 August 2015 During this current year you can show this gift as "Gift received in earlier year on occassion of marriage" and the corresponding entry should be reflected in the assets side of the balance.
Do not get nervous. This is not income and non disclosure too.

Upgrade to CAclubindia Pro. Subscribe Now!