My mother is house wife and gets cash gifts from relatives :
1. Cash gift 150000 from husband in may2023
2. Cash gift 190000 from husband in june2023
3. Cash gift 160000 from son in july2023
4. Cash gift 180000 from son in Jan2024
5. Cash gift 100000 from daughter in mar2024
*Total cash gift recevied in FY2023-24 = 780000
I wanted to two things:
A). is there any tax liabilities on my mother ? I think gift from relatives will be exempt from taxation u/s 56(2) of I.T act.
B). Where fill cash gift entries in ITR1 on IT portal ?
C). ITR file in this case compulsory or not ?
CAclubindia
