17 November 2013
Any gift received from relatives is exempt u/s 56(2)(vii) if the IT Act.
'Relatives' includes inter alia brother, sister and any lineal ascendant or descendant of the individual.
Hence,
1. Gift received in cash from father is exempt. However, it is better that you take an undertaking from your father in a GIFT DEED. (Browse Google for the Format - No standard format)
2. In ITR, you have to show under 'Others' row in EI tab.
17 November 2013
It is not income at all. It is not required to be shown in your Return anywhere. Your capital account will be credited by the amount gifted to you.
19 November 2013
The sum referred in Section 2(24)(xv), which is treated as an income , is the sum received from a non relative and not all the sums. . My conclusion is based on the second proviso to the clause (vii) of Section 56(2) which reads as under-
" Provided further that this clause shall not apply to any sum of money or property received- (a) from any relative; or........" . So the clause itself contains the provision for the exclusion of "any sum of money" received from a relative, so the same can not at any level be treated as income as referred to in Section 2(24)(xv). .
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