Not necessary to declare it. Make a gift deed and keep with you for future records
HI, I received a gioft from my sister via bank transfer. Shall I declare it? What are the pros/cons? If so, under what section? What details do I need to provide? Do I need her PAN number?
Hi
Yes, you should declare it under exempt income. There is no tax liability on such receipt. You don't need to disclose her PAN.
- Yes you should declare it under exempt income. There is no need of PAN. In description write specifically.
Dear Sir,
Hope you are doing well !!
Yes, you should declare tha same under the head exempt income while filing ITR.
However, there is no need to provide PAN details.
We may assist you in ITR filing.
Gifts from relatives (Sister is covered under the definition of relative as per Income Tax Act) are not taxable under Income tax and are treated as Exempt.
Yes, you should declare all types of Incomes whether exempt or Taxable in your Income Tax return. Explicitly saying it is a matter of correct compliance and complete disclosure so can't comment upon any pros or cons.
The same is covered under 1st Proviso to Section 56(2). You need to furnish just the amount received as exempt income along with the description i.e. 'Gift received from relative'. No PAN number is not required to be furnished as of now.
Trust the above helps.
No need to show such gift.
You can read more here: https://www.taxontips.com/how-to-show-gift-received-from-relative-in-income-tax-return-taxability-of-gift-received-under-income-tax/
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