Income Return filing for Gift Tax

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..... 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. .....

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..... 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 so .....

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..... urces , 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. - Reply By MARIAPPAN GOVINDARAJAN - The Reply = .....

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..... 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. - Income Return filing for Gift Tax - .....

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..... Query Started By: - SATHEES KUMAR Dated:- 10-10-2016 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - .....

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..... taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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