Saturday 24 November 2012

Receipt of Gift from NRI Son should be Shown in Return

Since the gift is given by your son, it is not taxable as per the new amended provision u/s 56 of the I T Act. If you forgot to show this amount , its not big fault because the fact is that you have rceived the gift from Son. But , in my opinion , you should show the receipt of gift from son and claim the exemption of the amount . For this , i suggest you get a letter from son whereby he gives all details what he does i.e what is his source of income and the mode of payment of gift.There is no limit for receiving the money from your relatives residing outside India , as far as my knowledge goes.

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