HELLO FRIENDS, MY CLIENT HAS RECEIVED A GIFT OF RS. 5,00,000 BUT IT IS EXEMPTED U/S 56.
WHETHER IT IS REQUIRED TO SHOW IN THE ITR IF YES IN WHICH COLUMN AND HEAD.
PLS. REPLY.
THANKS.
chandan
(Asst. Manager)
(37 Points)
Replied 10 September 2013
GIFT WILL BE SHOWN UNDER INCOME FROM OTHER SOURCES
RAJ KUMAR
(FINANCE MANAGER)
(1393 Points)
Replied 11 September 2013
BUT UNDER WHICH COLUMN IT HAS TO BE SHOWN IN ITR.
Dhawal Mohnot
(Practicing)
(449 Points)
Replied 11 September 2013
In my opinion.
if it is from a relative then it needn't be shown in ITR as income and then claim exemption. However, ensure that a gift deed is prepared with all the relevant details.
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