Gift Amount under which ITR section?
11 August 2020 My mother is a Pensioner and files ITR-1 every year. I had gifted 10 Lacs to my mother by cheque this January. Does she need to show this amount in her ITR? If 'Yes', then under what section of ITR-1 and how? As per my understanding gifts from specific relatives like parents, spouse and siblings are Tax Free. So please guide me as early as possible. Thank You.
11 August 2020 Not necessarily to show it. But can be shown in exempt income schedule of ITR.
11 August 2020 Thank You very much Sir. I appreciate very much for your quick response. I have another query, which I have posted on the forum, Can you please answer? Link is here -> https://www.caclubindia.com/forum/small-ltcg-on-itr-553279.asp
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