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Paritosh Jain

Exempt gift income u/s 56(2)(iv)...
I wish to gift my wife Rs 65 Lakhs through bank cheque. What all formalities need to be completed for this.
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Amlan Dutta
You can execute a gift deed by visiting a lawyer ...the deed has a certain drafting style ..it mentions the donor and donee details , the relationship , the mode of payment , the amount , the tax payment details etc (lawyer shall be able to guide on this )...Since wife falls under the definition of ...
  • October 5, 2018
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DIVYANSH TRIPATHY

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 26, 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 26, 2018
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Vikas Agarwal

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 22, 2018
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Prashant

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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