I have received gift from my father,it is exempted under income tax , now i have to disclosed the exempted gift from my father in ITR-2,if yes then in which colum and heading
JAYESH (INVESTOR) (29 Points)
20 April 2008I have received gift from my father,it is exempted under income tax , now i have to disclosed the exempted gift from my father in ITR-2,if yes then in which colum and heading
DMC
(Student)
(364 Points)
Replied 20 April 2008
In Schedule EI under Others
Schedule EI Details of Exempt Income (Income not to be included in Total Income
Meenakshi
(C.A.Final Student)
(99 Points)
Replied 21 April 2008
ITR stands for INCOME TAX RETURN . Gift received from a relative (that includes father) is not at all an Income . Therefore there is no necessity of disclosing that money received in the Income tax return.
CA. Atindra A. Prabhu Bhatikar
(practising CA)
(68 Points)
Replied 21 April 2008
Any exempt income is to be disclosed in schedule EI in the eSaral software. As there is no specific area for gift it shall be disclosed under "others".
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