Gift received from relative to be declared in itr
This query is : Resolved
Querist : Anonymous
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?
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.
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'.
Rupesh Jain
(Expert)
02 May 2016
you have to declare for future . in exempt scheule..
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