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DIVYANSH TRIPATHY

Category : Exempt g..,

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July 26, 2018 9:55 pm

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Exempt gift income u/s 56(2)(iv)

hello sir . my brother is in job and getting salary around rs 650000/ p.a, now if he transfer money to father bank account rs 30000 every month so whether father is liable to tax or not

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Samik Das

as father is a relative and as per IT Act it is not an income.

July 27, 2018

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Amlan Dutta

Here son has gifted to father ...we have to check son from the purview of relative as per income tax ....since ,son falls in the definition of relative, any money received by son( relative ) is tax free i.e exempt in the hands of father ...it will not be taxable in the hands of father ...select quer...

July 27, 2018

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Vikas Agarwal

Category : Exempt g..,

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July 21, 2018 8:36 pm

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Exempt gift income u/s 56(2)(iv)

Hi Amlan,
My employer gives 3300 as Diwali gift which they show in exempted income in tax slips. Is 56(2) the place to record it in ITR? If yes, I guess, I need to choose 'Any Other' option in exempted income section to report it.
Thanks

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Amlan Dutta

You can mention any other and write diwali gift vouchers by employer ...no need of m,entioning section 56(2) here ...

July 23, 2018

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Prashant

Category : Exempt g..,

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July 16, 2018 5:58 pm

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Exempt gift income u/s 56(2)(iv)

Hello Amlan,
1. In case of Marriage,
(a). Is it necessary to show the gifts received in form of : Money(cash & in digital form), jewellery ,Mobile, other items from spouse/relatives. And gift/Money received from other guests in ITR-1?
(b). Is the limit of 50,000 under section 56 applies here too?
...

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Amlan Dutta

Detailed answers as follows,

1. In case of Marriage,

(a). Is it necessary to show the gifts received in form of : Money(cash & in digital form), jewellery ,Mobile, other items from spouse/relatives. And gift/Money received from other guests in ITR-1?

This are all exempt but must be shown under exempt...

July 17, 2018

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