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Gift where to show in Tax Audit

11 January 2020

hello friends, one of my client received flat from his brother. both r doing business. is we have to show gift received in ITR and Tax Audit Report. please advice where to show in both. please suggest

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2 Replies

CMA M.Keerthi chandra (C.A FINAL STUDENT AND QUALIFIED C.M.A) (561 Points)
Replied 11 January 2020

Gift in form of Immovable Property received from brother is exempted from Tax. Not required to disclose it unless it is taxable , or else you can show in Incomes fully exempt sheet, the value of which will be displayed at 'others' in exempted Incomes box on the face of Acknowledgement of I.T.R.Value shall be the Stamp Duty Value which exceeds Rs 50,000/-.

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Kapadia Pravin (17259 Points)
Replied 11 January 2020

Just to add that value/cost will be the cost at which your brother acquired the flat. And date of acquisition will be the date on which your brother acquired the flat.