gift received from relatives

Mehul Sheth (Audit Executive) (73 Points)

11 August 2019

hi
please tell me where to show gift received from relative in
ITR3

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8 Replies

Rohika PS (student) (263 Points)
Replied 11 August 2019

Disclose u/h of IFOS

sundhar jkn (205 Points)
Replied 11 August 2019

Should not be disclosed in ifos. It should be added to the capital account

Mehul Sheth (Audit Executive) (73 Points)
Replied 11 August 2019

hi
it's a no account case, still do i need to mention the amount somewhere??

sundhar jkn (205 Points)
Replied 11 August 2019

Which type of gift?

Mehul Sheth (Audit Executive) (73 Points)
Replied 11 August 2019

gift from father or mother amt less than 50k

sundhar jkn (205 Points)
Replied 11 August 2019

less than 50k is not an issue. u need not about this

1 Like

Kapadia Pravin (17259 Points)
Replied 11 August 2019

Gift from relative is a capital receipt and not income. Nowhere it's to be shown in ITR

Mehul Sheth (Audit Executive) (73 Points)
Replied 11 August 2019

thank u so much sir

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