Good morning everyone,
I've paid Gift to my relatives worth Rs. 10L in a FY.
So, is that taxable under my hand ? or the receiver.?
and am required to report this anywhere in ITR ? .
thanks 😊
1. Not taxable in your hand. Taxable in receivers hand, provided he is not 'Relative' as per sec. 56(2) of IT act.
2. Not required.
CAclubindia
