Mayank (Sr.Accountant) (152 Points)
30 July 2011Hi Friends
I want to know that my grandmother wants to give cash gift to my mother by which my mother will purchase a house.
my mother does not have any other income because she is a housewife therefore she is not filling any income tax return.
Is there any requirement to file any paper to AO for declaring that the amount recd is a part of gift?
kindly rply soon
thanx
Sanat kumar
(Chartered Accountant)
(265 Points)
Replied 02 August 2011
As the gift received from a relative is exempt u/s 56(2). So it will be not included in the Total Income of assessee. If total income is below slab limit, then there is no need to file a return.
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