Income Return filing for Gift Tax

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..... Income Return filing for Gift Tax
Query (Issue) Started By: - SATHEES KUMAR Dated:- 10-10-2016 Last Reply Date:- 11-11-2016 Income Tax
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Income Tax
Sir, My father-in-law would .....

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..... like to give me ₹ 20 lack IN CASH as gift. I am an income tax payee. Since, he comes under "Relatives", it is a tax fee income to me. Please clarify following. 1. Should I require to show the a .....

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..... mount in my ITR OR Alternatively, can I make a Gift Deed in plain paper both signed (for source) ? In ITR, it is not possible to show under head "Income from other sources", and also there is no provi .....

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..... sion under head "Exempted Income". 2. Should I deposit the cash in a Bank, or can I keep it cash as long as I want. Reply By MARIAPPAN GOVINDARAJAN: The Reply: It is better to execute gift deed bet .....

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..... ween you and father-in-law. You may deposit the amount in the bank and you can give evidence of the gift deed for source.
Discussion Forum - Knowledge Sharing .....

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