Income Tax on Gift received from Parents and Relatives | ITR मैं कहाँ और कैसे दिखाए |

[@SUMITROY1111]

Sir The Way U Taught Mind Blowing Sir May God Bless You Sir ❤

[@RajeshAllem8256]

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. 🙏

[@expertcasachin]

Thanks sir for appreciating 🙏

[@rajeevsharma8724]

Good evening Sachin sir

[@garrysingh3337]

​@@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?

[@sushiljha7055]

Domestic helper allowance of Pensioners whether taxable

[@PareshnathMandal-x2y]

Sir, you are truly advising us treating as ‘your family member’. Thanks a lot.

[@expertcasachin]

It's my pleasure 😇

[@PankajMishra-uh8qj]

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

[@expertcasachin]

Party 🥳 बनती है

[@PankajMishra-uh8qj]

@@expertcasachin बिल्कुल sir ji, party तो बनती है

[@charanjitkaurvashisht7367]

To aab kaha dikhaya aapne

[@PankajMishra-uh8qj]

@@charanjitkaurvashisht7367 no need to report gifted income by parents but plz consult sachin sir or any other c.a

[@PankajMishra-uh8qj]

@@charanjitkaurvashisht7367 no need to report gifted money by parents but plz consult sachin sir or any other c.a

[@Yam644]

To the point and perfect , thats how i interpreted but people dont agree Remember ! Show what is mandatory dont give additional info

[@expertcasachin]

You really got the point 👍

[@garrysingh3337]

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?

[@Yam644]

@@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

[@Yam644]

@@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

[@Yam644]

@@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

[@dillipkumarpanigrahipanigr1208]

Thanks Sir. Your explanation w. r. t. the legal provisions is very clear and easy to understand . My perception about the topic got refined. Just Superb 🙏

[@expertcasachin]

Thanks 🙏

[@vishals5348]

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👌🍫🥪

[@rajendrakalihari9484]

Very very Very very Verrrrrrrrrrrrrrrrrrrrrrrrrry knowledgeable video Sir Jee Thank You very much

[@vbababa109]

PRANAM SACHIN JI , ATI UTTAM GYAN DIYA AAPNE SIR......A LOT OF THANKS

[@expertcasachin]

Nameste ji 👍 thanks for appreciating

[@gedelasasibhushanarao3863]

You are brilliant. Legally and logically from practical point of view all issues are well explained.

[@expertcasachin]

Thanks 🙏

[@ShivKumarPandey-ld9pb]

Crystal clear .Outstanding.

[@nandrivithmal7380]

Wonderful Video Sir, Hats off

[@Sam_choudhary315]

शानदार 👍 सबकुछ बहुत आसानी से क्लियर कर दिया।

[@arul1964malar]

Very interesting and useful lecture sir. Thank you. Bahuti accha laga aapki bathen sunkar. God bless you sir

[@expertcasachin]

Thanks sir for appreciating 🙏

[@snehalhinge5906]

Sachinji, Invaluabale information. God bless.

[@akhileshkumarvaghela5439]

Great guidance to all persons . Thanks and God bless you .

[@expertcasachin]

So nice of you sir thanks 🙏

[@anildhawan4179]

Sachin ji Very good elobration Keep it Hope now you are in good health

[@anildhawan4179]

Always like your video as you give practical example 👌

[@abfr12]

Great! Liked the point regarding rural agricultural land as well.

[@abfr12]

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?

[@expertcasachin]

Yes can do

[@vivekparasher783]

Very lucid & vivid lecture, Lord Shiv bless you

[@rajeevsharma8724]

Sachin Sir everyone should views your video biz you are really doing post-mortem of Budget

[@mohansinghrawat4645]

बहुत सरल तरके से समझाते हैं, बहुत ही उपयोगी चैनल है

[@expertcasachin]

Thanks sir 🙏

[@vidhisiyalrollno22std3rddi8]

Wonderful and intellectual video Sir

[@expertcasachin]

Many many thanks 🙏

[@abinashpujahari5887]

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.

[@expertcasachin]

Great 👍 party to Banti hai sir 🎁🥳

[@abinashpujahari5887]

@@expertcasachin Sure 😀

[@garrysingh3337]

@@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?

[@garrysingh3337]

@@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?

[@expertcasachin]

@@garrysingh3337 this facts already explained in video with my opinion

[@jogindarmatharu]

Very informative. God bless you.

[@mkjain749]

Very nice sir ur genius CA

[@sdua1995]

Excellent - Very honest

[@shrawan586]

Jaise sir hai waise hi inke samjhane k tarike ❤. Very helpfull video for us

[@expertcasachin]

Thanks 🙏 ji 🥰

[@AdityaSingh-ds5si]

Thank god I was about to make the same mistake but then I saw your video ❤

[@satishgupta4244]

very good clarification supported by legal provision and practical view point

[@rameshlalbhutiani1965]

Very useful information. Thanks Sachin CA Sir

[@expertcasachin]

Always welcome 🙏

[@milankay1952]

What an amazing information and so wonderfully explained!

[@expertcasachin]

Thanks sir for appreciating 🙏

[@nishantmahajan1396]

Very helpful as usual, god bless you!

[@uttamapadwal4672]

Thanks a Lot Sir ji for your *Expert and Valuable Information* 👍👌🙏🙏🙏😊 *Correct Interpretation of Law is also very Important.* 👍👌🙏🙏🙏😊

[@expertcasachin]

So nice of you ♥️🥰🙏

[@ravinderkumaryadav2205]

Very practical information

[@yeshaparikh1988]

Very nice informative video. So beautifully explained in simple language.

[@vasantmore935]

Very informative video, thanks sir

[@digitalindian6993]

Excellent work sir I think your you tube channel is Best reference for any complex query for practicing CA s also

[@expertcasachin]

Thanks 🙏

[@digitalindian6993]

@@expertcasachin Actually you are real myth buster in taxation world

[@ambujmittal5787]

Good Job, bahut acchi knowledge dene ke liye ❤se thanks

[@expertcasachin]

Thanks 🙏 ❤️🥰

[@manojkumar-ny7er]

Very helpful vedeo sachinsir

[@expertcasachin]

It's my pleasure 😇

[@LaxmiNarayan-dh3ln]

Very very excellent sir , very useful video

[@expertcasachin]

Thanks 🙏

[@healinghobby7477]

So great full to find this Channel.. wonderful information, helped alot🙏 thank you so much sir

[@expertcasachin]

Thanks and welcome 🙏

[@rajendrachaudhary2817]

Sir में मेरी मदर को शेयर ट्रांसफर करना चाहता हूं उसके लिए क्या डॉक्यूमेंट चाहिए और टैक्स मुझे देना होगा या मदर को सेल करने पर

[@RoshanSachdev-g3f]

Thanks very much for sharing information

[@jokorah181]

Thank you for the excellent presentation. Great advice.

[@manojkumar-ny7er]

Thanx a lot,new knowledge gained,🎉🎉

[@expertcasachin]

Most welcome 😊 ji 👍

[@jagbirsingh5297]

Very good explanation. Discussed very practically ❤

[@expertcasachin]

Thanks 🙏

[@manojjoshi3366]

Appreciate your efforts Sachin ji ..genuinely informative video. Thanks.

[@rajindersingh2806]

Well said😊❤🙏 very nicely explained in simple way🙏 thanks a lot🌹 God bless you🌹

[@agehlot1987]

Sir bahut acha video h

[@nileshsaiya7352]

Superb Sachin ji !!! Keep up the good

[@expertcasachin]

Thanks sir 🙏. Must share in ur WhatsApp and circle

[@upendraprasadsinha1961]

Very nicely explained.

[@expertcasachin]

Thank you! 🙂

[@nisha2528]

As usual elaborated video on one of the most common issue faced in practical life. Sir, waiting for the video on intraday trading 🙏

[@expertcasachin]

Thanks 🙏

[@expertcasachin]

Soon will upload

[@akulpatel]

really very very informative video❤ thank u very much sirji.

[@expertcasachin]

Thanks ji 🙏. Must share in ur WhatsApp and circle

[@RahulPradipPatil]

Very useful & Important knowledge :) Thank you

[@expertcasachin]

Most welcome! 🙏

[@hindumathisfun]

Thank you sir. Today I learnt something new from you.

[@expertcasachin]

My pleasure 😇

[@VijayKumar-yr6bk]

Very helpful information.

[@mehulvyas5667]

Excellent & useful Post, Sir

[@expertcasachin]

Many many thanks 🙏

[@Deenbandhu-ti7cu]

Very decent explanation!

[@expertcasachin]

Thanks! 🙏

[@satyamiryala8579]

Dear sir excellent this video and thanks

[@expertcasachin]

Most welcome 🙏

[@expertcasachin]

Thanks 🙏. Must share on Whatup Facebook in ur circle

[@rbsingh269]

Very useful knowledge

[@paidihimakiran5555]

Clearrrred my doubt ❤

[@expertcasachin]

Thanks 🙏 must share

[@cspawar751]

Very nice. Thanks.

[@nishikantrai654]

Thanks for sharing valuable insights

[@expertcasachin]

My pleasure! 😇

[@KaranSharma-ec5sz]

Jabardast sir ji❤

[@expertcasachin]

Thanks 🙏

[@latheeshak9250]

Wonderful explanation

[@expertcasachin]

Thanks 🙏

[@kamalkumar19]

Bahut ache sir....❤

[@expertcasachin]

Thanks 🙏

[@malakansara2282]

Very nice advice sir

[@ratnakarthakur6753]

Thanks sir very knowledgeable

[@expertcasachin]

Most welcome 🙏

[@shankhasaha6369]

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

[@Satyen1617]

Nice work sir

[@-kb3ov]

Thanks for Very nice information

[@expertcasachin]

Welcome 🙏

[@munishkumar5856]

Bahut sunder

[@Prince-cg1eu]

Nicely explained

[@Satyen1617]

Always helpful

[@hanumandehru4886]

Excellent as always. Kharcha kr do kisi cheej m bina bill wali goods m.

[@mehrankhan5962]

Very nice vid

[@ps20]

Bahut sundar 👌

[@expertcasachin]

Thanks 🙏

[@VinayKalikar]

Very helpful

[@KaranSharma-ec5sz]

Jabardast sir

[@expertcasachin]

Thanks 🙏 ji

[@sachindabhade9423]

Nice information

[@paliwalgc5586]

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?

[@arjunmk6515]

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.

[@garrysingh3337]

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?

[@harmanrandhawa231]

Sir ma 7lakh mutual fund ma invest krna h ye paise mujhe mere father Saab ne diye hai ohne fd krvai thi ab paise mujhe de diya sir kya income tax notice toh nahi ayega????

[@arvindersingh2440]

V v good

[@expertcasachin]

Thanks 🙏

[@aaryanplus]

Very nice Sir

[@expertcasachin]

Thanks and welcome 🙏

[@PrinceRaj-ez9ir]

Very good

[@expertcasachin]

Thanks 🙏

[@abhisheksaharan6563]

Thank you SACHIN BHAI

[@expertcasachin]

I like you call me bhai

[@primedelhi]

❤love you sir

[@aloksingh-l9d]

😅 superb sir

[@expertcasachin]

Thanks 🙏

[@virenderkumar7459]

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।

[@expertcasachin]

No need sir

[@AdityaSingh-iv9wz]

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 ?

[@nonplussedNerd]

ye bekar aadmi h video wale bande ne cash and jewellery dikhaya isliye usse problem hua in general dikhane me dikkat nhi ati

[@skverma53]

Thanks

[@expertcasachin]

Welcome 🙏

[@deeptishealthyplate]

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??

[@mbmbbs]

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🎉

[@expertcasachin]

Good question Yes same applied being relative

[@expertcasachin]

And thanks for appreciating

[@economicaffairs1756]

Your content is a life line for people those are misguided by Reputed Content Writer❤

[@rajeevsharma8724]

Good evening Sachin Sir

[@expertcasachin]

Good evening

[@garrysingh3337]

@@expertcasachin sir please answer kardena 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?

[@whoIsV]

Sir, if my father is giving me 40 lakhs via cheque and I want to invest that money in mutual funds or FD. What should I do? If tax department asks why I received money what proof should I provide?

[@gauravvermaadarsh]

Very nice

[@expertcasachin]

Thanks 🙏

[@satishkumartiwari8908]

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.....

[@MEERAAWASTHI-lq3st]

Nice sir

[@expertcasachin]

Thanks and welcome 🙏

[@garrysingh3337]

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?