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.