Gifts in Income Tax returns

Do I need to show gift(a/c deposit) from parents in Balance Sheet or P & L??
Replies (2)
Quick Summary
When receiving gifts, such as cash deposits, from your parents, you generally need to declare them on your income tax return. While not typically taxed as income, they should be noted. For balance sheets, gifts of assets like property should be recorded, whereas cash gifts might be shown under exempted income in your P&L statement.

It's always show any sort of income. you can show the gift from parents in exempted income column
In BS you need to gifts received like Land, Building, etc

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