GIFT TO MOTHER - ITR HAVE TO BE FILED

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A senior citizen received a ₹20 lakh gift from her son, who had sold a property and incurred a capital loss. She invested this amount in shares during the same financial year. The query asks whether she is obligated to file an Income Tax Return (ITR), even though she has no other income. The advice suggests filing a nil return to declare the gift as exempt income, as a large deposit without a filed return could attract attention from the Income Tax Department.

Bhai

Bhai (Querist)
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19 July 2022 Dear Sirs

One of my friend has sold a property (Flat) during FY 2021-22. He has filed ITR2, having a long term capital loss for the sales made.

Out of the proceeds received from sale of property he has gifted Rs.20 lacs to his mother being a senior citizen. This was deposited in her bank account during FY 2021-22. She has invested the same in some shares during the same year.

Now, whether his mother (Sr Citizen) have to file ITR. She has no other income.

Kindly advice.

Thanks.