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)

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 online

Aashok Kumar Sharma

(Expert)

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)

15 June 2026 Ok , Thank you Sir .

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