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Poonam

How to show Gift from relative in return(U/s 56(2)...
Sir, My mother given me Rs 12 lakhs from her FD through online mode transaction sometime ago.
my questions is
1. Do I need to pay tax for that money?
2. Do I need to take money either as LOAN or as GIFT ? If I want to earn money through further FDs ( without clubbing).
(What should I do to ma...
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Amlan Dutta
The tax treatment in this case( to be considered as gift) is guided by Section 56(2) of income tax act 1961....Basically , any sum of money being received by relative is exempt from levy of tax ......If your mother gift's money to you, , then you are exempted from paying any tax on gift amount as ...
  • November 24, 2018
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Ramarao

How to show Gift from relative in return(U/s 56(2)...
Hi Sir,
I received an amount of Rs 1,32,000 from my brother who is an NRI , under which category head of ITR1 should it be shown by me or can i take exemption under Gift.
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Amlan Dutta
The tax treatment in this case is guided by Section 56(2) of income tax act 1961....Basically , any sum of money being received by relative is exempt from levy of tax ......

Here, since brother falls under relative purview, any sum of money received from assessee by his brother is exempt in assess...
  • August 31, 2018
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BIBEK

How to show Gift from relative in return(U/s 56(2)...
Gifted money to my mother. Will she show it in exempt income? And where should i mention it in my itr?
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BIBEK
My mother will show it in exempt income. True.
But do I also have to show it in my itr that i gifted a sum to my mother? If yes, where?
  • July 15, 2018
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BIBEK
Thank You for clearing my doubt.
  • July 15, 2018
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RAVIKUMAR JENTIBHAI NAGAR

How to show Gift from relative in return(U/s 56(2)...
Sir, i receive 1 lac from my father as a gift , i am salary person so i file ITR 1, but what nature of income must i select to report this under exempt income reporting section for ITR 1
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Amlan Dutta
Under section 56(2) of the income tax act , Gift received from relative is exempt...father falls under the purview of relative ......show it using others filed under nature of income for exempt income reporting section...next time select category properly
Under section 56(2) of the income tax act , Gift received from relative is exempt...father falls under the purview of relative ......show it using others filed under nature of income for exempt income reporting section...next time select category properly
  • July 15, 2018
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Lokesh Jangid

How to show Gift from relative in return(U/s 56(2)...
My mother transferred Rs 2.5 lakh in my account but not as a gift. While filing ITR U/S 44AD, it should be added as gross receipt or what?
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Amlan Dutta
Since the money is from mother which falls under relative definition, the money is exempt in your hands ...get a gift deed executed ..... it can be reported as exempt income...
  • July 11, 2018
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Mahendrakumar Kolhe

How to show Gift from relative in return(U/s 56(2)...
A daughter (NRI) wants to transfer her Tax Saving Bonds (Demat form) in her Mother's (RI) name.

What will be the tax implications for both of them?
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Amlan Dutta
The tax treatment of gifts in this case is guided by Section 56(2) of income tax act 1961....However, note that gifts received by by relative is exempt from levy of tax in the hands of the donee

Here, since daughter falls under relative purview, any sum of money received from assessee by daughter i...
  • November 27, 2018
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SHUBHAM KUMAR

How to show Gift from relative in return(U/s 56(2)...
Dear Sir,
I am received 104900 as a gift for my further studies from my mother's brother. Can i claim deduction under sec 56(2). Kindly Reply.
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Amlan Dutta
Relative under definition of section 56(2) covers In case of individual

1.)Spouse of the individual

2.)Brother or sister of the individual

3.)Brother or sister of the spouse of the individual

4.)Brother or sister of either of the parents of the individual

5.)Any lineal ascendant or descendant of the indi...
  • June 13, 2018
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