gift from brother

You got to disclose your exempt income. This is part of the requirement as per 139. If not, the AO has the option of treating the same as defective return.

In the ITR you will have a section called EI Sch, where you need to disclose all your exempt income. In all ITRs you will find it.

Shiva

I beg to differ with Mr. shiva. Schedule EI (exempted incomes) asks for the details of the incomes which do not form part of total incomeu/s 10 (i.e. which r exempted u/s 10).

See it contains the following :

"1. interest income

2. dividend income

3. LTCG from transaction on which STT is paid.

4. Net agriculture income

5. Others, including exempt income of minor."

But gift is exempted u/s56 and not u/s 10. Since all the options given above relates to income exempt u/s 10, in my view, the same shud not be shown in this column.!

Yes,I feel Ashish is right.There is no requirement to disclose gifts received as exempt income.

Dear Kamal,

I will go with Ashish's reply, pls appreciate the difference between the two-

1) Receipt which is not a Taxable Income (i:e Exempt Income)

2) Receipt which is not an Income at all...

Now in both cases the taxability will be Nil...

Ur case falls in the second category.

agrred with amir