Gift Received - To be shown in ITR?

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Ankur Aggarwal (Querist)
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13 July 2024 Hi,

I have received a monetary gift from my mother in FY 23-24. I have made a gift deed and got it notarised.
1. Do I need to show the gift in ITR in Exempt Income?
2. In which sub clause of section 10 to put it or I have to put it under any other?
3. Any problems if i forget to mention it in ITR?

Thanks.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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13 July 2024 1. Not mandatory, but better to disclose.
2. Under Schedule EI, others. Gift u/s. 56(2)(x)
3. Not much.

Ankur Aggarwal

Ankur Aggarwal (Querist)
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13 July 2024 As always, thank you for the prompt response sir.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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13 July 2024 "Sorry, I am not a featured member."

For featured members contact....

https://www.caclubindia.com/catalogue/featured.asp

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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25 August 2024 My Pleasure.

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