do we need to disclose the property(house purchased of more than Rs30lacs) and the gifts (monetary received of more than 5lacs) in the ITR.though both are exempt from tax , will they need to be disclosed in ITR?
S.Gupta c/o KPS (NA) (187 Points)
07 August 2019do we need to disclose the property(house purchased of more than Rs30lacs) and the gifts (monetary received of more than 5lacs) in the ITR.though both are exempt from tax , will they need to be disclosed in ITR?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170821 Points)
Replied 07 August 2019
No declaration for HP purchase, unless 'Schedule BS' of ITR3 filled or in 'Schedule AL.'
Gifts will be declared under 'Schedule EI' as exempt income.
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