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Issue ID : 111016
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- 0 -

Income Return filing for Gift Tax

Date 10 Oct 2016
Replies1 Answers
Views 1021 Views
Asked By

Sir,

My father-in-law would 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 amount 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 provision under head “Exempted Income”.

2. Should I deposit the cash in a Bank, or can I keep it cash as long as I want.

Income Tax
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Replied on Nov 11, 2016
1.

It is better to execute gift deed between you and father-in-law. You may deposit the amount in the bank and you can give evidence of the gift deed for source.

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