Gift Received

This query is : Resolved

Saurabh Aggarwal (Querist)
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28 September 2008 Hello Everyone

can anyone tell me that where is gift received in blood relatinship is shown in ITR-4. Is there any tax exemption on it.

Thanks
Saurabh

Jitender

Jitender (Expert)
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28 September 2008 yes ,it is exempt ,if gift is received from the relatives mentioned in explanation to sec 56(2).

Ravikumar.G

Ravikumar.G (Expert)
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29 September 2008 Get it from the following URL:

https://www.caclubindia.com/articles/article_list_detail.asp?article_id=285

https://www.caclubindia.com/articles/article_list_detail.asp?article_id=267

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Ravikumar.G

Ravikumar.G (Expert)
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29 September 2008 Spouse of the individual;
Brother or sister of the individual;
Brother or sister of the spouse of the individual;
Brother or sister of either of the parents of the individual;
Any lineal ascendant or descendant of the individual;
Any lineal ascendant or descendant of the spouse of the individual; and
Spouse of the person referred to in clauses (ii) to (vi).