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gift in ITR (Income Tax)

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This query is : Resolved

( Author )
27 November 2009

I am salaried and file returns using ITR-2. If I recieve some gift from my dad through cheque, I understand it is exempt from income tax.

Do I need to show the amount in my ITR anywhere?

CA Devanshi Gandhi (Ajani)

( Expert )
27 November 2009

u can show it under IFOS and than can claim it as exempt

CA. Rishabh Mittal

( Expert )
28 November 2009

Please note that their is no seperate column for exemptions in "SCHEDULE OS" of ITR 2. You need not to show anywhere in ITR 2 regarding gifts which are not taxable.

(NOTE - Column related to Deductions in "SCHEDULE OS" relates only to Section 57 & not exemptions under Section 56)


( Author )
28 November 2009

Thanks for the information. Since I will not be showing the gift anywhere, should I keep some documentation with me to prove the same in case of a scrutiny or just the bank transfer details will be fine?


( Expert )
28 November 2009

You should keep documentation.

If the value of gift is less for eg. less than 2 lakhs then letter is requied.

If the value is more than 2 lakshs get the letter in 100 rupees stamp paper.


( Expert )
28 November 2009




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