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Gift cheque declaration itr4

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Dilip Khambete

132 Points Posted on 06 May 2026

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

Replies (2)

Quick Summary

Query on receiving Rs 5,00,000 gift from mother (PPF maturity proceeds) and whether it should be reported in ITR-4 under exempt income. Also asks how to record it in Tally. Clarified that it is tax-free but should be disclosed in Schedule EI and recorded via receipt voucher in capital account.

Aashok FC Advisory

Finance Compliance Consultant

1116 Points Posted on 06 May 2026

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.