Gift from Blood relations

Ashish Jain (Student) (191 Points)

30 December 2020

I have received ₹.19 Lakhs as gift from my Grandfather by cheques in F.Y.:2019-20. Where do I report this in ITR?

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3 Replies

ayusmita (Tax consultant) (5885 Points)
Replied 30 December 2020

Exempted income session you will show

Balamurali Unnithan MS (STUDENT) (1631 Points)
Replied 30 December 2020

Check with income tax rules , compute the taxable portion of given , then file

Krishna Chaudhary (Accountant) (4531 Points)
Replied 31 December 2020

It is an exempted income because you have received gift from your relative. you have to show it in other sources

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