Individual received money from father need to show in itr

This query is : Resolved 
Quick Summary
An individual received a ₹10 lakh gift from their father, which was compensation from land acquisition. The query was whether this gift needs to be declared in the Income Tax Return (ITR) and if it's taxable. The advice provided is that gifts from a father are exempt under Section 56(2)(x) of the IT Act and should be declared in Schedule EI as an exempt gift.

Profile Image

Profile Image

(Querist)
29 August 2025 Sir a individual received money(10 lac) from his father( land aquitition comensation by NHAI and Railway) as gift
my query is
how to declare in itr ???? is it taxable gift???? because more than 50k
OR no need to show in itr???
please advise
Vikas
Profile Image

Dhirajlal Rambhia

Profile Image

Dhirajlal Rambhia (Expert)
29 August 2025 Gift received from Father is exempt u/s. 56(2)9x) IT act.
You may declare it in Schedule EI as exempt gift.
Profile Image

VIKAS KUMAR SHARMA

Profile Image

VIKAS KUMAR SHARMA (Querist)
30 August 2025 thank you very much SIR!
Profile Image

Dhirajlal Rambhia

Profile Image

Dhirajlal Rambhia (Expert)
30 August 2025 You are welcome.
Profile Image

Dhirajlal Rambhia

Profile Image

Dhirajlal Rambhia (Expert)
21 September 2025 Good luck....
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries


Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Pro Member MANOJ DASHMANOJ DASHPro Member Moby MogliMoby MogliPro Member Poojitha Raam Vinay Poojitha Raam Vinay Pro Member Rama KrishnanRama KrishnanPro Member HemkumarHemkumar
Subscribe to Pro
Join an elite circle of professionals



Answer Query



Quick Links



Browse by Category