Showing Gift from relative in ITR
This query is : Resolved
05 June 2025
Hello Sir/ Madam,
Shall we show gift received from close relative (son given gift to parents) in to ITR2 (of parents) against exempt income (against other options) or not ?
There are different opinions from different CA. Some CA saying no need to show it .
Some CA saying income tax department may ask source of income to receiver person if amount is more than 10 L and donnes investment it in either FD or Captain gains.
Is there any guidline from incometax department for same ? Please help.
Shall we show gift received from close relative (son given gift to parents) in to ITR2 (of parents) against exempt income (against other options) or not ?
There are different opinions from different CA. Some CA saying no need to show it .
Some CA saying income tax department may ask source of income to receiver person if amount is more than 10 L and donnes investment it in either FD or Captain gains.
Is there any guidline from incometax department for same ? Please help.
06 June 2025
As such no specific guidelines from ITD. Preference is given over its declaration to avoid any future enquiry/irritation.
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06 June 2025
Thank you sir, so we should declare it in ITR2 against exempt income (against other options) right ?
06 June 2025
Yes, advisable. Under schedule EI.
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