03 September 2011
I am an individual and received a gift from my relative in cash form Rs.7 lac. Please suggest how I can treat this amount in my income tax return; also suggest the maximum limit of gift income.
03 September 2011
Gift income from relatives is exempted from tax. Even it is received in any mode. Just put a gift deed to prove before authorities. Note : Relatives are defined under section 56(2)