My Client received gifts from their relatives.Please suggest us where it is shown in income tax return form ITR4
1 Replies
Ishan Dutt
(Student CA IPC / IPCC)
(24 Points)
Replied 31 December 2012
A Gift is shown under the head "Income from Other Sources" in the form ITR4. But for this purpose Relatives include only the following under sec56 :-
(a) spouse of the Individual;
(b) brother or sister of the individual;
(c) brother or sister of the spouse of the individual;
(d) brother or sister of the either of the parents of the individual;
(e) any lineal ascendant or descendant of the individual;
(f) any lineal ascendant or descendant of the spouse of the individual;
(g) spouse of the person referred to in clause (ii) to (vi).
The amount of gift is not of importance.
If any other information is required PM me.
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