Income tax return
This query is : Resolved
25 July 2019
One of my client getting money as gift from his sister from USA. He is a salaried person and resident in india and Income having Rs.5 Lakhs. Whether is it required to disclose his income tax return. If yes where it is?
Thanks & Regards
Suneel.J.
Thanks & Regards
Suneel.J.
26 July 2019
Yes, disclose it in exempt income schedule under gift from relatives.
28 July 2019
Dear Seetharaman sir, please tell which ITR form to be used. Being ITR1 salary return may not contain column for this Gift Income.
28 July 2019
ITR 1 has exempt income schedule.
30 July 2019
Dear Seetharaman Sir,
I verified all columns of ITR-1 and ITR-2 in Income from other sources. But I did not find column which relates to Gift from relative.
And one of Experienced auditor saying that Gift from relative is not an exempt income and it's not at all Income. So there is no required to disclose in Income Tax Return.
Please clarify
Thanks & Regards
Suneel.J.
I verified all columns of ITR-1 and ITR-2 in Income from other sources. But I did not find column which relates to Gift from relative.
And one of Experienced auditor saying that Gift from relative is not an exempt income and it's not at all Income. So there is no required to disclose in Income Tax Return.
Please clarify
Thanks & Regards
Suneel.J.
31 July 2019
You have to declare under exempt income schedule not in income from other sources.
If this is the only income for you there is no need to file income tax return.
If this is the only income for you there is no need to file income tax return.
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