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Gift from Relatives in ITR

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(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
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Manish

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Manish (Expert)
24 July 2022 It is prudent to file full and correct particulars in ITR.
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CA PARTH SHAH

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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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