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Disclosing gift from parents in ITR

Tax queries 766 views 3 replies

Hello Sir,

I have a query on gift received from father.

I received some jewellery, silver articles and money as gift from my father during FY 2022-23. I am salaried person and had already filed ITR 2. Do i have to file revised return disclosing the gift details. If so kindly guide how to disclose the gift details in ITR.

Thanks & Regards

Naveen

Replies (3)
Hi Naveen,

From an income tax perspective, receipt of a gift from a relative(Father in your case) does not trigger taxation, i.e., it is exempt in the hands of the receiver. However, it has to be disclosed as exempt income in Schedule EI of the ITR form.

Do let me know if you need further information.
Provisions of sec 56(2)(x)

Thanks for the response. I heard that it is required to disclose it only for people who submit balance sheet (ITR 3) and not necessary for salaried employee (i had filed ITR 2). Also Schedule EI should be used only to show exempt income like any interest, amount from matured insurance policy etc. Gift is not to be treated as income. So please clarify what is appropriate thing to do for salaried employee.

Thanks & Regards
Naveen


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