Is gift received in other than blood relation taxable. If yes then where is it shown in ITR 4. Please send the schedule name.
2 Replies
Rajesh Kumar
(Advocate- Tax)
(7806 Points)
Replied 25 March 2009
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.
CA CS CIMA Prakash Somani
(Landmark Group)
(23512 Points)
Replied 25 March 2009
Yes, I agreed with Mr Rajesh Kumar
. List of specified person is mentioned U/s 56 (v)
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