Gift received - querry

580 views 3 replies

An assessee (Women)  who has a business income and other income (interest on fd etc) has received a gift for Rs.8 Lakh from her relative who is a NRI.

My questions in this regards  are

1) whether this amount has to be disclosed in Return of Income

2) If yes, how to be disclosed?

3) By disclosing it whether are there any chances that the ROI will be called  for scrutiny and what precautions and documentary proof  need to keep in handy.

Your expert opinion will be highly useful appreciated and is there any previous instances cases to this effect.

Replies (3)

Only taxable gifts are required to be disclosed under ITR returens. And the gifts from relatives are not taxable under the act.

 

And NR is relative for the purpose of exempted gifts.

 

As the amount of gift is big, it is better such gift is transferred under Gift deed.

 

 

 

 

Thanks Ashish for your valuable advise.

You're welcome

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