A father has gifted the residential plot to his son ,which is to report in itr in Exempted income ,but there is no financial transaction ,then what figure to report ?
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How to report in itr the gift of residential plot by father
Replies (2)
Tax-free Gifts are practically not reported in ITR since it is neither taxable Income nor exempt income.
Read sec 56(x) (2) exemptions.
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