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Gift received

Tax queries 562 views 2 replies

Is gift received in other than blood relation taxable. If yes then where is it shown in ITR 4. Please send the schedule name. 

Replies (2)
If the gift is not recived from specified person or on specified occassion and more than 25000/-, it is an income (income from other sources), as per Section 56(v) of the IT Act and has to be delat accordingly.

Yes, I agreed with Mr Rajesh KumarI am Online . List of specified person is mentioned U/s 56 (v)


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