If I received a gift from my father, should I mention it anywhere in my ITR or should I prepare a gift deed simultaneously?
What's the procedure we should follow whenever we receive the gift?
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Gift, only deed or something else ?
Replies (6)
What is the kind of gift received?
RTGS transaction
No need for any gift deed in that case, as its gift from your father, which as per IT act, relative to you, and hence exempt from any taxability.
You can declare it in your ITR under Schedule EI...
Okay, thank you so much.
You are welcome ..
Sec 56(×) 2
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