where to show money received as a gift from father in ITR ?
6 Replies
GAGAN AHLUWALIA
(12 Points)
Replied 13 May 2019
it can be shown as exempt income in column of income from other sources
Zeal Bangdiwala
(Partner at N. Gamadia & Co.)
(363 Points)
Replied 13 May 2019
NO need to show gift received from father, but make sure that the same is received in cheque and if the amount is huge then better prepare a gift deed.
Umesh Mhatre
(owner)
(299 Points)
Replied 13 May 2019
Safe to make Gift Deed, with declaration under schedule Exempted Income of ITR.
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