Should The Gift Received From Relative & Exempt From Tax Be Shown In Return?

0
2364
Print Friendly, PDF & Email

Do we need to show gift from relative amount in schedule of exempt income ITR4 form? Kinjal, PuneYes, you should show the gift received from relatives which is not taxable in your hand.Income is defined under section 2(24) and the sub-clause (xiii) and (xiv) refers any sum received u/s 56(2)(vi) as an income. The section…

This content is for annual and Semi Annual members only.
Log In Register