Disclosing gift from parents in ITR

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Software Engineer
27 Points Posted on 28 December 2023

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

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On 28 December 2023 at 13:40 Report
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Quick Summary
This discussion clarifies the disclosure requirements for gifts received from parents in an Income Tax Return (ITR). While gifts from close relatives like a father are generally tax-exempt, they must be disclosed as exempt income in Schedule EI of the ITR form. The conversation addresses concerns about whether this applies to salaried individuals filing ITR 2, confirming that disclosure is necessary regardless of income source.

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7 Points Posted on 28 December 2023
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.
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On 28 December 2023 at 19:13
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Profession
28271 Points Posted on 29 December 2023
Provisions of sec 56(2)(x)
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On 29 December 2023 at 09:32
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Software Engineer
27 Points Posted on 29 December 2023

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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On 29 December 2023 at 21:38

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