Income Return filing for Gift Tax

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ncome Return filing for Gift Tax<br> Query (Issue) Started By: - SATHEES KUMAR Dated:- 10-10-2016 Last Reply Date:- 11-11-2016 Income Tax<br>Got 1 Reply<br>Income Tax<br>Sir, My father-in-law would l....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ike to give me &#8377; 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 am....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ount 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 provis....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ion 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 betw....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

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