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Cash gifts from relative's
gift received as a cash amount 200000 per year need to show in IT return
Replies (5)
Quick Summary
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
Yes... It will be shown as Exempted Income under exempted column if it's received from relatives as per definition of relatives.
It shall be shown income tax return as exempted income..
It is permissible under IT act gift received in form of CASH from relative's
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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