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Reporting in ITR 1

29 July 2018

I had received Rs 1450000 from my Relative by cheque in September 2017. I had invested this amount in post office RD and TD account, on which interest would be received annually. I had no other taxable income for F.Y 2017-18. I just want to disclose this gift only for reporting purposes. My query is, what are the particulars that should be disclosed regarding this gift in ITR 1 as there is no specific format for this?

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10 Replies

Ashok Kumar (CA qualified) (389 Points)
Replied 29 July 2018

There is no requirement to disclose it as it is not in the nature of income.

Mohan Lal (30 Points)
Replied 29 July 2018

To avoid any notice and scrutiny, i want to file return. What details should I fill in other income column in "taxes paid and verification"?

rama krishnan (12244 Points)
Replied 29 July 2018

show the interest received out of fd/Rd as income from other sources and report 14.5 lacs as exempted income. one more thing, if the gift is not from your relatives as specified under section 56(2)(x), then the whole 14.5 lacs will be taxable in your hands

Mohan Lal (30 Points)
Replied 29 July 2018

Interest would be received in September 2018.

rama krishnan (12244 Points)
Replied 29 July 2018

get interest statement from bank for f.y. 2017-18 and declare the same as interest income

Mohan Lal (30 Points)
Replied 29 July 2018

It would be accrued in September 2018. How it would be disclosed in F.Y. 2017-18?

rama krishnan (12244 Points)
Replied 29 July 2018

interest income should be shown on accrual basis and not on Receipt basis.... interest income accrued as on 31/03/18 should be shown as interest income