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Gift Received- Mandatory to show as exempt income?

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(Querist)
20 July 2022 Is it mandatory or optional to show gift received from relatives under exempt income while filing the return? What if we file the return without showing the same?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
20 July 2022 Banks report transactions under SFT as per limits prescribed, to ITD.
The same gets reflected in AIS.
If you find any such entry in your AIS, better to clarify, it to be Gift from relative/s, otherwise query is raised.
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