Exempt income (gift from relative) compulsary to show in ITR form

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Tax Advocate
137 Points Posted on 25 December 2020
exempt income (gift from relative) compulsary to show in ITR form
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On 25 December 2020 at 09:36 Report
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This discussion clarifies the rules around declaring gifts from relatives in your Income Tax Return (ITR). While it's not always compulsory to show gifts, especially smaller amounts, it's generally advisable to declare them. For significant sums, such as ₹5 lakh, it's recommended to report them in the Exempt Income (EI) section of your ITR as per income tax law.

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Tax consultant
5895 Points Posted on 25 December 2020

Depends of amount

 if huge amount then compulsory

Otherwise if less amount then it's upto you to show or not

 

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On 25 December 2020 at 10:07
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Tax Advocate
137 Points Posted on 25 December 2020
Amount is 5 lakh
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On 25 December 2020 at 10:09
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Tax consultant
5895 Points Posted on 25 December 2020

Show it in itr in EI session if from relative as per income tax law

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On 25 December 2020 at 11:31
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Accountant
4533 Points Posted on 26 December 2020
It is not compulsory to show but it is in favour to show
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On 26 December 2020 at 00:34

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