Need Help about Filing Income in ITR

Guys I am 20 year old who does not file any ITR .Student with no work  .

Both my parents after retirement  kept 10L in my Bank account  in FDs  as they were  reaching their ceiling of no tax  .

From the basis of this bank gave me a pre approved credit card  last year , where I have shifted all my household and personal expenditures . Lets be honest reward points are sweet  and 50 Day  interest free credit is cherry on the top 

Now every month an amount of 35k -40k is deposited in my account by my parents to pay CC bills and some for my own expenses 

This way I have gotten approx 4L transferred to my account  in last 12 months 

 

 

Now when Filing my ITR this year how will I show this 4L income ? 

Interest is already shown no issues 

 

Thanks 

 

 

Replies (8)
Quick Summary
A 20-year-old student with no prior ITR filings is seeking guidance on how to declare approximately £40,000 received from their parents over the last year. The funds were deposited into their bank account, partly to cover credit card bills and personal expenses. The consensus from the discussion is that these amounts should be declared as 'gifts received' in the ITR, which are exempt from tax when received from parents.

I think you should show the income as income from other sources
Since you got money from parents treat it as gifts received
Originally posted by : Samantha J
Since you got money from parents treat it as gifts received

So need to show this on itr right ? 

Show it as gift, bcz u received amount from parents...
Yes fill gifts received column in exempt income

Thanks guys will do it 

Your welcome
Required to be shown as Gifts.
As it's received from parents, it's exempt from tax.

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