I have received a chq of 500000 rs from my mother as gift ,as her ppf matured and gave money to me.
As gifts from parents to children are tax free, should i mention this amount in exempt income column of itr 4
I fill my return under 44 ADA in ITR 4
What is the entry in tally for recording this money.
regards
Dilip
To handle the gift of ₹500,000 in your return:
ITR Reporting: Disclose the amount in Schedule EI (Exempt Income) of your ITR-4 to maintain a clear trail of funds.
Tally Entry: Use a Receipt Voucher (F6), debiting your bank account and crediting a ledger created under the "Capital Account" for gifts received.
Thank you so much sir for your kind reply
Appreciate it
Regards
Dilip
CAclubindia
