Cash gifts from relative's

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26 Points Posted on 22 April 2020
gift received as a cash amount 200000 per year need to show in IT return
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On 22 April 2020 at 11:51 Report
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Quick Summary
If you receive cash gifts from relatives, it's important to declare them on your income tax return. While generally exempt from tax in the UK, these gifts must be reported under the 'exempt income' section. This ensures transparency with HMRC and proper record-keeping, even though the amount itself won't be taxed.

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Partner
152 Points Posted on 22 April 2020

Hello Sir/ madam,

Any income which is exempt by section has to be shown the income tax return under the column specified for "exempt income".

With Regards,

P-SAC

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On 22 April 2020 at 16:33
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"Do the Right Thing...!!!"
128157 Points Posted on 22 April 2020
Yes... It will be shown as Exempted Income under exempted column if it's received from relatives as per definition of relatives.
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On 22 April 2020 at 16:35
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19 Points Posted on 22 April 2020
It shall be shown income tax return as exempted income..
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On 22 April 2020 at 16:53
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26 Points Posted on 22 April 2020
It is permissible under IT act gift received in form of CASH from relative's
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On 22 April 2020 at 17:02
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Confidential
177 Points Posted on 23 April 2020
Raja babu you are receiving 2l as gift so first of all it is taxable and u are required to show in your return
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On 23 April 2020 at 00:42

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