I have received gift from my father,it is exempted under income tax , now i have to disclosed the exempted gift from my father in ITR-2,if yes then in which colum and heading
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Where to disclosed Exempted Gift (From Father) in ITR-2
Replies (3)
In Schedule EI under Others
Schedule EI Details of Exempt Income (Income not to be included in Total Income
ITR stands for INCOME TAX RETURN . Gift received from a relative (that includes father) is not at all an Income . Therefore there is no necessity of disclosing that money received in the Income tax return.
Any exempt income is to be disclosed in schedule EI in the eSaral software. As there is no specific area for gift it shall be disclosed under "others".
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