Income tax return

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This query is : Resolved

sunil jagatha (Querist)

25 July 2019 One of my client getting money as gift from his sister from USA. He is a salaried person and resident in india and Income having Rs.5 Lakhs. Whether is it required to disclose his income tax return. If yes where it is?

Thanks & Regards
Suneel.J.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

26 July 2019 Yes, disclose it in exempt income schedule under gift from relatives.

A.Senthil Subramanian

A.Senthil Subramanian (Expert)

28 July 2019 Dear Seetharaman sir, please tell which ITR form to be used. Being ITR1 salary return may not contain column for this Gift Income.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

28 July 2019 ITR 1 has exempt income schedule.

sunil jagatha

sunil jagatha (Querist)

30 July 2019 Dear Seetharaman Sir,
I verified all columns of ITR-1 and ITR-2 in Income from other sources. But I did not find column which relates to Gift from relative.
And one of Experienced auditor saying that Gift from relative is not an exempt income and it's not at all Income. So there is no required to disclose in Income Tax Return.
Please clarify

Thanks & Regards
Suneel.J.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

31 July 2019 You have to declare under exempt income schedule not in income from other sources.
If this is the only income for you there is no need to file income tax return.

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