Gift from Relatives in ITR

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This query is : Resolved

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It's generally advisable to declare gifts received from specified relatives in your Income Tax Return (ITR), even though they are considered exempt income. Disclosing these gifts provides a clear record of your financial sources, which can be invaluable if you later purchase significant assets or make large investments. This documentation can help prevent future queries during tax assessments.

Student

Student (Querist)

24 July 2022 Dear Sir,

Kindly inform it is prudent to show gift from relative (exempted income) in Income Tax Return or there is any chance of further query if shown.

Kindly reply

Manish

Manish (Expert)

24 July 2022 It is prudent to file full and correct particulars in ITR.

CA PARTH SHAH

CA PARTH SHAH (Expert)

06 August 2022 By disclosing the gift received from the specified relatives in exempt relatives is advisable as this will be proof of source of funds in future when some big asset is purchase or some bigger investment is made. This becomes particularly helpful in assessment proceedings.

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