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 😊
Menu
GIFT paid - In ITR
Replies (3)
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.
Thank you sir.
It is fully exempt
Recent Threads
- Compensation & Benefits
- SAC code and GST rate transport services for anima
- Section 44AB is Gone — How Different is Tax
- Capital Gains from Cancelled Residential Project
- Import of goods data in IMS
- GSTr 9 24-25
- Change HSN
- TDS ISSUE ( DIFFERENT SECTION )
- Company strike off with loan waiver accounting iss
- Board resolution for authorization for GST
Related Threads
CAclubindia
