Which form is to be filled to show gift amount?

Hello,

I have income from salary and FD interest. Last year i recived a cheque of Rs 43,000 as gift from my father. I generally fill ITR-1 but this time since i have to show this gift amount which ITR form should i need to download?

Thanks

 

Replies (5)

You can continue with ITR 1. Just disclose the amount in Schedule EI i.e. details of exempt income under the head Others.

 

Originally posted by : Ankit Agarwalla

You can continue with ITR 1. Just disclose the amount in Schedule EI i.e. details of exempt income under the head Others.

 


Thanks Ankit,

Please confirm that it is ITR1 as i have read somewhere that if such gits are recived then you have to fill ITR 4 to include the amount.

 

Also as the amount is 43,000 which is more than 5000 then should i need to fill ITR 2?

 

Looks like people here  are confused between ITR 1 and ITR2. Anyhow i am filling ITR 2.

Anybody can please help.... in which section should i put this amount in ITR 2 form, on which sheet?

You are right there Mayuri. Since the exempt income is more than 5000, you have to go with itr 2. Show it under Schedule EI - Exempt Income.

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