Gift from NRI

Deepal Patel (Sr. Executive - Accounts & Audit) (65 Points)

07 September 2021

Dear Experts,

Can i received gift from my NRI sister. Is there any limit to received the gift or what is the tax liability.

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (185664 Points)
Replied 07 September 2021

Gift from sister (be Resident or NRI) is exempt u/s. 56(2) of IT act. Just make gift deed for future reference.

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Deepal Patel (Sr. Executive - Accounts & Audit) (65 Points)
Replied 07 September 2021

Thank you sir for reply.

Is it mandatory to show the amount under exempted income while filling itr.

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (185664 Points)
Replied 08 September 2021

Being remittance inward, chances of query raised being high; its advisable. Otherwise it need not be.

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