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Gift received from relative in ITR
Where to show the amount of gift received in the ITR?
Replies (14)
Quick Summary
To whom you have received Gift ? and what type of gift.?
In the exempted income coulmn
But we have check whether gift is received from reletive or not , then only it is .exmapt , he has not mentioned from whom it is received .
I cleared mentioned that gift is received from relative.
Please refer the meaning of relative under Income tax if your case comes under that then it is exempted there is no limit on that
I know it's exempt. but where should we show it in ITR. The person falls under relative definition.
It will be shown under the head Income from Other sources
Under IFOS schedule, do we really have specific field to enter such exempt income? I don't think so.
If you are preparing it through software then you receive such option to show exempt otherwise ypu have to mention that in Exempt Income Schedule in ITR
In EI schedule I didn't find any such section.
If you are filing ITR-1 it has option of others in Exempted Income Schedule write - amount received from relatives(eg Dad) then write (Exempt) in bracket other wise there is no seperate option for Gifts
Yeah. I observed the same. just need to clarify.
What s type of gift assets or other mode?
Bank transfer
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