Gift Exemption under New Tax Regime

571 views 5 replies

Hello -
Need your guidance on entering info in ITR2.

I received Rs. 75000 as gift from my father. I understand that I can take an exemption on this amount. I am using New Tax Regime.
Where should I enter this gift info on ITR2, so I can get the exemption?

Please assist.

Thank you.

Replies (5)
You can show this under exempt income section

Thanks for the reply. I entered the gift amount under exempt income section (Schedule EI). But I am not seeing any reduction in my tax liability. 

In the dropdown on schedule EI, I selected 'other' option as I did not see 'gift exemption' option. Am I doing it correctly? 

Thanks for your assistance.

Please check your inbox once

Hi, which inbox? I don't see anything anywhere. Can you please share the reply here? 

Thanks.

Gift exemption and new tax regime

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