Gift-itr-4
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 August 2011
My question is about implication of gift in ITR-4.
If Any one receive gift from his wife/brother/Father Amount rs-100000.
Where its shown in ITR-4.
If Any one receive gift from his wife/brother/Father Amount rs-100000.
Where its shown in ITR-4.
08 August 2011
o show as specific requirment doesnt arise while filling itr.
as it capital receipt and only closing capital has to be shown in itr 4.
it only show in book of account with valid documentsThere is an option in ITR 4 to show exempt income in shc EI
there u can show!
but i think it not need to show as specific requirment doesnt arise while filling itr.
as it capital receipt and only closing capital has to be shown in itr 4.
it only show in book of account with valid documents
as it capital receipt and only closing capital has to be shown in itr 4.
it only show in book of account with valid documentsThere is an option in ITR 4 to show exempt income in shc EI
there u can show!
but i think it not need to show as specific requirment doesnt arise while filling itr.
as it capital receipt and only closing capital has to be shown in itr 4.
it only show in book of account with valid documents
08 August 2011
In ITR 4 schedule EI
is related to exempt income here can show .
is related to exempt income here can show .
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 August 2011
Please tell me confirm whether gift shown in ITR 4 schedule EI or not.
08 August 2011
Gift received from relatives is not an income. It is pure Gift only and the word gift has its own existence. It originated before the word "income" had found its existence.
If it is not an income question of becoming it an exempt income does not arise.
Further, section 56(vi), 56(vii) specifically excludes it specifically from the scope of being income- by inserting the following proviso-
" Provided that this clause shall not apply to any sum of money received-
(a) from relatives...."
So gift may be any sum of money but every sum of money can not be income.
If it is not an income question of becoming it an exempt income does not arise.
Further, section 56(vi), 56(vii) specifically excludes it specifically from the scope of being income- by inserting the following proviso-
" Provided that this clause shall not apply to any sum of money received-
(a) from relatives...."
So gift may be any sum of money but every sum of money can not be income.
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