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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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