Income Tax on Gift received from Parents and Relatives | ITR मैं कहाँ और कैसे दिखाए |
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- เผยแพร่เมื่อ 14 ต.ค. 2024
- Income Tax on Gift received from Parents and Relatives / ITR मैं कहाँ और कैसे दिखाए | +91 9319333248, +91 8851223067 |
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Income from other sources.
56. (1) Income of every kind which is not to be excluded from the total income under this Act shall be chargeable to income-tax under the head "Income from other sources", if it is not chargeable to income-tax under any of the heads specified in section 14, items A to E.
(vii) where an individual or a Hindu undivided family receives, in any previous year, from any person or persons on or after the 1st day of October, 2009 but before the 1st day of April, 2017,-
(a) any sum of money, without consideration, the aggregate value of which exceeds fifty thousand rupees, the whole of the aggregate value of such sum;
(b) any immovable property,-
(i) without consideration, the stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of such property;
(ii) for a consideration which is less than the stamp duty value of the property by an amount exceeding fifty thousand rupees, the stamp duty value of such property as exceeds such consideration:
Provided that where the date of the agreement fixing the amount of consideration for the transfer of immovable property and the date of registration are not the same, the stamp duty value on the date of the agreement may be taken for the purposes of this sub-clause:
Provided further that the said proviso shall apply only in a case where the amount of consideration referred to therein, or a part thereof, has been paid by any mode other than cash on or before the date of the agreement for the transfer of such immovable property;
(c) any property, other than immovable property,-
(i) without consideration, the aggregate fair market value of which exceeds fifty thousand rupees, the whole of the aggregate fair market value of such property;
(ii) for a consideration which is less than the aggregate fair market value of the property by an amount exceeding fifty thousand rupees, the aggregate fair market value of such property as exceeds such consideration:
Provided that where the stamp duty value of immovable property as referred to in sub-clause (b) is disputed by the assessee on grounds mentioned in sub-section (2) of section 50C, the Assessing Officer may refer the valuation of such property to a Valuation Officer, and the provisions of section 50C and sub-section (15) of section 155 shall, as far as may be, apply in relation to the stamp duty value of such property for the purpose of sub-clause (b) as they apply for valuation of capital asset under those sections:
Provided further that this clause shall not apply to any sum of money or any property received-
(a) from any relative; or
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Expert CA Sachin is a post graduate and a practicing Chartered Accountant who have served more than 10000 business man over all the world. Expert CA Sachin helps the people in complete startup funding, Equity funding and all MSME's sector for all types of Loans advice.
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You are really helping the tax payer as your family by educating nitty gritties of the IT Laws and making us aware of practical issues. Such a treasure trove to watch your videos. Also I would like to observe that, the new approach in explaining the things is very good. 🙏
Thanks sir for appreciating 🙏
Good evening Sachin sir
@@expertcasachin 1. but if we do not show and later if we buy something with that cash OR by selling gifts buy something OR sell gifts and deposit in bank account then will the IT department not question the source of that income?
2. If money is transferred from parent's bank account to my account before or after the marriage then can it still be considered marriage gift or will it be considered a normal gift? In both cases not taxable right? If we don't declare this in ITR then what am I supposed to say when ITR questions this bank deposit?
Domestic helper allowance of Pensioners whether taxable
Sir, you are truly advising us treating as ‘your family member’. Thanks a lot.
It's my pleasure 😇
Sir ji,अदभुत ज्ञान दिया आपने बिल्कुल सही समय पर,मैं कुछ इसी TYPE की बेवकूफी( PARENTS से मिले पैसोंको EXEMPT INCOME ME SHOW KARNE बालाथा) करने ही बाला था कि आप का वीडियो आ गया
Party 🥳 बनती है
@@expertcasachin बिल्कुल sir ji, party तो बनती है
To aab kaha dikhaya aapne
@@charanjitkaurvashisht7367 no need to report gifted income by parents but plz consult sachin sir or any other c.a
@@charanjitkaurvashisht7367 no need to report gifted money by parents but plz consult sachin sir or any other c.a
Super bilkul sahi bol rahein hai sahab har koi yahin bolta hai gift income mein dikhai Google pe...par aisa details koi nahi highlight karta👌🍫🥪
Very very Very very
Verrrrrrrrrrrrrrrrrrrrrrrrrry knowledgeable video Sir Jee
Thank You very much
Sachin Sir everyone should views your video biz you are really doing post-mortem of Budget
PRANAM SACHIN JI , ATI UTTAM GYAN DIYA AAPNE SIR......A LOT OF THANKS
Nameste ji 👍 thanks for appreciating
You are brilliant. Legally and logically from practical point of view all issues are well explained.
Thanks 🙏
Wonderful Video Sir, Hats off
बहुत सरल तरके से समझाते हैं, बहुत ही उपयोगी चैनल है
Thanks sir 🙏
Great guidance to all persons . Thanks and God bless you .
So nice of you sir thanks 🙏
Sachinji, Invaluabale information. God bless.
Very lucid & vivid lecture, Lord Shiv bless you
शानदार 👍 सबकुछ बहुत आसानी से क्लियर कर दिया।
To the point and perfect , thats how i interpreted but people dont agree
Remember ! Show what is mandatory dont give additional info
You really got the point 👍
1. but if we do not show and later if we buy something with that cash OR by selling gifts buy something OR sell gifts and deposit in bank account then will the IT department not question the source of that income?
2. cash received from guests during shagun ceremony has been deposited in bank and some still in hand. Won't the IT department question the source of that deposit?
3. If money is transferred from parent's bank account to my account before or after the marriage then can it still be considered marriage gift or will it be considered a normal gift? In both cases not taxable right? If we don't declare this in ITR then what am I supposed to say when ITR questions this bank deposit?
@@garrysingh3337 see firstly if you get gift of >50000 other than relative you must show it , it will be your income
Secondly , if thats not the case then if its cash that you received from parents or any other relative and is a significant amount you should get directly in bank and since its movable property write it somewhere on paper that your father has gifted you and you have accepted it , anything written would work
Talking about other gifts you have received and you sell it
If its valuable asset you will be taxed on the profits ( the calculation cant explain in comments)
In that case also you must have proof with yourself a bill in the name of your relative would work
@@garrysingh3337 then about shagun ceremony normal gifting provisions would apply
Only gifts received on the occasion of marriage of any amount are tax free
For the date of getting cash in bank on the occasion of marriage its advisable for it to be close to date of marriage preferably +/- 2 months
And in any case you will have to prove
“IF “ IT department questions you and your case is genuine the CA will help you out
But if you get immovable property as a gift you must get it registered
@@garrysingh3337 see firstly if you get gift of >50000 other than relative you must show it , it will be your income
Secondly , if thats not the case then if its cash that you received from parents or any other relative and is a significant amount you should get directly in bank and since its movable property write it somewhere on paper that your father has gifted you and you have accepted it , anything written would work
Talking about other gifts you have received and you sell it
If its valuable asset you will be taxed on the profits ( the calculation cant explain in comments)
In that case also you must have proof with yourself a bill in the name of your relative would work
Thank god I was about to make the same mistake but then I saw your video ❤
बहुत ही उपयोगी जानकारी है सर।
@8:09 सेक्शन 56(2) (vii) में लिखा है कि 1 अप्रैल 2017 से पहले तक यह नियम लागू है, क्या इसके बाद कोई अलग नियम लागू हुआ है सर?
Sachin ji
Very good elobration
Keep it
Hope now you are in good health
Always like your video as you give practical example
👌
Great! Liked the point regarding rural agricultural land as well.
Sir, if Rural agri land is in 3 names (father+ 2 sons). While selling, father wants to accept full money in his own bank account (because he doesn't want to distribute to sons at this point of time). Can he do that?
Yes can do
very good clarification supported by legal provision and practical view point
Jaise sir hai waise hi inke samjhane k tarike ❤. Very helpfull video for us
Thanks 🙏 ji 🥰
Excellent work sir
I think your you tube channel is
Best reference for any complex query for practicing CA s also
Thanks 🙏
@@expertcasachin
Actually you are real myth buster in taxation world
Thanks very much for sharing information
Dear Sachin ji, it is a wonderful video.......very informative....
Please also can you confirm the below points
1) Lic closure proceeds received as nominee after the death of account holder
2) FD closure proceeds received as nominee after the death of account holder
I understand both the above income are exempted and need to be shown as exempted income while ITR filing...please support with your views on this if this can be shown as exempted income
Wonderful and intellectual video Sir
Many many thanks 🙏
Very nice sir ur genius CA
Very practical information
Very informative. God bless you.
Crystal clear .Outstanding.
Very interesting and useful lecture sir. Thank you. Bahuti accha laga aapki bathen sunkar. God bless you sir
Thanks sir for appreciating 🙏
Well said😊❤🙏 very nicely explained in simple way🙏 thanks a lot🌹 God bless you🌹
Thanks for nice video. What is the clubbing implication in case of such transactions. Which relations attract clubbing of income provision and which do not?
Excellent as always.
Kharcha kr do kisi cheej m bina bill wali goods m.
Very helpful vedeo sachinsir
It's my pleasure 😇
Very informative video, thanks sir
Thank you, Sachin, you saved me. I received some money from my mother but did not show it in ITR. But I was a little worried about whether I should have shown them in exempt income. Thank you once again.
Great 👍 party to Banti hai sir 🎁🥳
@@expertcasachin Sure 😀
@@expertcasachin 1. but if we do not show and later if we buy something with that case OR by selling gifts buy something OR selling gifts and deposit in bank account then will the IT department not question the source of that income?
2. cash received from guests during marriage shagun ceremony has been deposited in bank and some still in hand. Won't the IT department question the source of that deposit?
@@abinashpujahari5887 did you receive money in bank account from her? or did you deposit it in bank account after receiving? won't IT department question the source of that deposit?
@@garrysingh3337 this facts already explained in video with my opinion
Thanks a Lot Sir ji for your *Expert and Valuable Information* 👍👌🙏🙏🙏😊
*Correct Interpretation of Law is also very Important.* 👍👌🙏🙏🙏😊
So nice of you ♥️🥰🙏
Bahut sunder
Very nice informative video. So beautifully explained in simple language.
धन्यवाद जी, बहुत ही knowledgeable वीडियो, कृपया सर, ये बताना कि यदि Parents बैंक चैक द्वारा बेटे को 50-60 हजार रुपए देते हैं तो फिर भी कहीं शो नहीं करने, क्योंकि हो सकता है ये ais में शो हो जाएं।
No need sir
Sir bahut acha video h
Good Job, bahut acchi knowledge dene ke liye ❤se thanks
Thanks 🙏 ❤️🥰
Thank you for the excellent presentation. Great advice.
Very useful information. Thanks Sachin CA Sir
Always welcome 🙏
Sir, I agree with your perspective that gift from relative is not an income as per Section2(24).
However, there are several videos by CAs on youtube where they are suggesting to declare the gift under Exempt Income to avoid notice under section 131.
So I can only conclude that you may or may not receive a notice under 131 depending on the IT officer or the " value " reported under EI.
1. but if we do not show and later if we buy something with that case OR by selling gifts buy something OR selling gifts and deposit in bank account then will the IT department not question the source of that income?
2. cash received from guests during marriage shagun ceremony has been deposited in bank and some still in hand. Won't the IT department question the source of that deposit?
As usual elaborated video on one of the most common issue faced in practical life.
Sir, waiting for the video on intraday trading 🙏
Thanks 🙏
Soon will upload
So great full to find this Channel.. wonderful information, helped alot🙏 thank you so much sir
Thanks and welcome 🙏
What an amazing information and so wonderfully explained!
Thanks sir for appreciating 🙏
Very useful knowledge
Like u said, on selling jwellery or investing the money later, relevant issue will be discussed. What is it and how to tackle it?
Parents in property bechi hai aur paise humare account me transfer kiye bank to bank isko ITR me dikhana hai sir ya nhi plz btaye??
Very helpful as usual, god bless you!
Excellent explanation
Thanx a lot,new knowledge gained,🎉🎉
Most welcome 😊 ji 👍
Very useful information.
Excellent - Very honest
Very good explanation. Discussed very practically ❤
Thanks 🙏
Very very excellent sir , very useful video
Thanks 🙏
thank you for sharing your knowledge. Could you please at-least the 1st and 2nd questions if not all? :)
1. but if we do not show and later if we buy something with that case OR by selling gifts buy something OR selling gifts and deposit in bank account then will the IT department not question the source of that income?
2. If money is transferred from parent's bank account to my account before or after the marriage then can it still be considered marriage gift or will it be considered a normal gift? In both cases not taxable right? If we don't declare this in ITR then what am I supposed to say when ITR questions this bank deposit?
3. The cash gifts are collectively given in "shagun" ceremony where every one puts money so hard to tell who gave how much. In this case will any documents be needed because they don't exist.
4. And do we put marriage expenses somewhere?
Your content is a life line for people those are misguided by Reputed Content Writer❤
Sir,I want answer to one query that flat allotment done in 2012 and taken possession in 2012, but registry of property to be done after nov 2024 due to some society land issues,and property before registry is transferred on record in builder/ society records to both sons internally,and registry to be done in name of joint holder,so if this property sold after registry in dec 24 or after by joint holder than how the taxation will apply on joint holder name means it will be eligible for indexation benefits or tax on property rules as came after apr 24. Or it will be counted as year 2012 when father taken possession
Sir kuch stock market me lagaya tha.. 5000-7000 rupay.. bas aise hi stock sikhne ke liye uspe kuch 100-200 rupay ka gain huya. Itr mein dikhana hoga?
Sachin Sir ....Please make video on HUF....how to contribute income in HUF account by members....
How to give interest free loan to HUF so that icome generated will not be clubbing in to members hand......Please make a video on this.....
Very nicely explained.
Thank you! 🙂
Very nice advice sir
Very nice vid
Hi Sachin,
Really impressive knowledgeable video by you. One question is there. Is this applies to parents too? If they get something in terms of money from their children residing in India and even abroad. Please clarify. Through this video you have snatched our heart beta. God bless you🎉
Good question
Yes same applied being relative
And thanks for appreciating
Appreciate your efforts Sachin ji ..genuinely informative video. Thanks.
Thank you sir. Today I learnt something new from you.
My pleasure 😇
Thanks for sharing valuable insights
My pleasure! 😇
HRA K LIYE PARETNS K SAAT REND AGREEMENT BANA SAKTE H KYA .??.. AGREEMENT NOTERY STAMP 500 PAR KARWANA H YA OR KOI TRH SE RPLY KARE PLAZ
Very helpful Sir. Can you advise about amount received as nominee please?
Very nice. Thanks.
Sir agar mere father ne ₹15 Lakhs diye and maine us amt ke shares & mutual fund kharide tab to use exempt income me disclose krna pdega na becoz department ke paas mere investments ka record to rhega hi so to be on a safer side ye better hoga na agar mai exempt column me father se recd income show krdu ?
ye bekar aadmi h video wale bande ne cash and jewellery dikhaya isliye usse problem hua in general dikhane me dikkat nhi ati
Thanks really for clear simple way but tell me " Papa k first cousin " se money lena chalega ? like my chacha only but he is papa's mama son. (not papa real brother)
Sir , main last year itr 4 form fill kiya tha aur ab mere stock market main -1 intra day aur dividend 22 rupe dikha raha hai. To kya mujhe itr3 form bharna hoga ya itr 4 bharna hoga ?
Ager itr 3 form bharna hai to kya koi alag se form dena hai ya phir itr4 ke tarha hi bhar de.
Kya itr bharna mandatory hai? mere saving account main Total deposit approx 4lakh / financial year hai
Sachin sir, Gift deed के बजाय अगर Father से affidavit बन बा लिया जाये तो कैसा रहेगा plz reply
Pls.make video on treatment of inherited income in books of accounts
really very very informative video❤ thank u very much sirji.
Thanks ji 🙏. Must share in ur WhatsApp and circle
When money from parents is transferred to assessee account, it will automatically be reported by the bank in AIS and we may have to verify the receipt.
14:13 sir jab prop bechta ya bank balance kahi invest karta to vo issues bhi aate.. baat to barabar hai, ek saath issues aaye ya 1-1 karke.
Iska solution kya hai, how and where to show ki issue nahi aaye
Excellent & useful Post, Sir
Many many thanks 🙏
Dear sir excellent this video and thanks
Most welcome 🙏
Thanks 🙏. Must share on Whatup Facebook in ur circle
Thanks sir very knowledgeable
Most welcome 🙏
Sir sale of agricultur land is taxable and act?
Sir, yadi itr mein nahi show karenge to bank mein jo paisa hoga use kaise explain karenge. AIS mein to pura bank transaction details aa jata hai.
V v good
Thanks 🙏
Very useful & Important knowledge :)
Thank you
Most welcome! 🙏
Sir, maine exempt income mein dikhaya. Kya main revised ITR file karun? Please suggest me.
no itz gud let it be
@@coolmonkey5269
How it is good
As per videos it may be addition
आपको लाइक और suscribe तो कर दिया। लेकिन अपने CA से अलग opinion लेना है तो कैसे लूं.
Good night Sir
sir please guide tha ITR2 exempt income after retirement amount received Khan per show kare GPF, commutation, and graduity
aare bhai par parents se liya money se koi investment hoti hai eg mutual fund our jab future me jake koi capital gain hota hai to usme bahut dikkat hogi if invested amount is heigher.
exactly my question. please share if you figured out the answer
1. but if we do not show and later if we buy something with that case OR by selling gifts buy something OR selling gifts and deposit in bank account then will the IT department not question the source of that income?
2. cash received from guests during marriage shagun ceremony has been deposited in bank and some still in hand. Won't the IT department question the source of that deposit?
Sir I always saw your vedios and it's worth....sir can you make vedio on u/s.10(34a) how to declare buyback shares
Noted
@expertcasachin..Thank u so much for your valuable information. Sir, I have sold my deceased father's flat on june 28, 24 which he had purchased in April 2009. What will be the capital gain asper recent budget. Any indexification is applicable or not for capital gain and any benefit of inheritance?
Indexation applicable today I uploaded video
Sir if gold reveived in marriage is sold to a jeweller, what document is required for the purpose of income tax other than cheque?
Buybacks ki income ki transaction smart tax mein jo aa rahi hai usko del kar sakte ??
If I am getting any inheritance property after death of parents ( not gift) and we sell it, whether it is necessry to show in ITR and whether capital gains tax applicable to me ? Pls reply.
In the relative case, if a nephew gives a gift shares to an uncle approx. current price of 3 lakhs then is it Exempt from Tax.
Sir apne bhut hi aacha gyan diya form 16 incom tax 0 hai pr upi tranjection relative aur fraind se sumthing 7lac hogya hai aur personl loan 4 hai jika amount 7lac hai mai itr first time fill kr rha hu credit card ki full limit use krke next mont credit due fill krke fir credit card use kya hu itr fill krte time ye amunt kaise show karenge pls help
No need
Sir Mane Mera adhar card sa pan card July ma link keya ha or itr be fill kar de ha to ab be mera TDS cut hoga kya .Mare campany ka Hr bol raha ha ab be March 2025 tak cut hoga TDS.Please help