Is Filing Income Tax Return Is nessesary if only GIFT income
( of 11 Lakh ) in form of Cheque Received from Grandfather , No other Income during Financial Year 2019-20 ,
If Yes Which ITR Form is to be used ?
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Filing Of Income Tax Return
Replies (2)
Filing is advisable use ITR 2
In the case of gift , you do not need to file your income tax return. bcz your grand father pay you by cheque and this amount already taxed by your grandfather. Gift under relatives is totally exempted. see section 56 of income tax act 1961.
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