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Gift received from relative to be declared in itr

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Querist : Anonymous

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Querist : Anonymous (Querist)
02 May 2016 Gift received from father is exempt and non taxable. Is it required to be disclosed and shown in "Exempt Income' sheet in ITR?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
02 May 2016 It should be declared in the return to avoid problems later on. Declaring such receipts substantiates the source of income for expenses incurred later on.
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CA CMA CS Ram Pavan Kumar Melam

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CA CMA CS Ram Pavan Kumar Melam (Expert)
02 May 2016 There is no specific provision in the ITR to disclose such information. However, you may disclose in sheet 'Schedul EI' at 'others'.
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Rupesh Jain

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Rupesh Jain (Expert)
02 May 2016 you have to declare for future . in exempt scheule..
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