Section 56(2) of the Income tax Act 1961 , Gift to relative .

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A taxpayer asked where to report a gift received from a relative in ITR-1. Since gifts from relatives are exempt under Section 56(2), and ITR-1 has no schedule for reporting such exempt gifts, there is no requirement to disclose the gift amount in the return.

prasad Nilugal

prasad Nilugal (Querist)
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14 June 2026 Gift from relative is Exempt from tax under section 56(2)of the income tax act 1961 , however in ITR 1 , there is no such provision or drop down list in schedule exemption to show gift amount . where to report in Itr1

Note- ( No other income only Interest and exempt income therefore ITR1)

Aashok Kumar Sharma

Aashok Kumar Sharma

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14 June 2026 Gifts received from relatives are tax-exempt under Section 56(2) of the Income Tax Act. Because Form ITR-1 is a simplified return, it does not contain a field or schedule to report tax-exempt income. You are not required to report this gift when filing ITR-1; you should only report your taxable income (such as interest) as required by the form.

prasad Nilugal

prasad Nilugal (Querist)
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15 June 2026 Ok , Thank you Sir .

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