Gift from Blood relations

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Student
191 Points Posted on 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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On 30 December 2020 at 04:36 Report
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Quick Summary
If you've received a monetary gift from your grandfather, it's generally considered exempt income under Indian tax laws. You should report this gift in the 'Exempted Income' section or under 'Other Sources' in your Income Tax Return (ITR). It's advisable to check specific income tax rules to confirm any nuances and ensure correct declaration.

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Tax consultant
5895 Points Posted on 30 December 2020
Exempted income session you will show
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On 30 December 2020 at 07:13
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STUDENT
1631 Points Posted on 30 December 2020
Check with income tax rules , compute the taxable portion of given , then file
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On 30 December 2020 at 09:35
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Accountant
4533 Points Posted on 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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On 31 December 2020 at 00:57

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