High Value Monetary Bank Transfer from Spose to be Delated in ITR under Exempt Income or NOT ?

Shirshendu Nandi (IT Head in MNC) (10 Points)

06 May 2024  

My 75 years Father transferred 40 Lacs to My Mother 71 years for her financial security in his absence through bank Transfer  .

My Mother invested 40 lacs in new  FD .

Amount is reflecting in her SFT 005 purchase of Time Deposits

I am aware gift and transfer from  Specified Relative  is Tax free

As the amount is high and already reflecting in SFT as compared to the amount in her past  filed  ITR ,  it may attract scrutiny or Notice 

Do I need to declare it proactively under exempt income of her ITR 1 to avoid unnecessary complication to my old parents .

Your kind advise is Welcome to help my parents and there are different views on this over internet and CAs i consulted some say declare in ITR some say Nor required