Cash gifts from relative's

Raja Babu (26 Points)

22 April 2020

gift received as a cash amount 200000 per year need to show in IT return

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P-SAC (Partner) (152 Points)
Replied 22 April 2020

Hello Sir/ madam,

Any income which is exempt by section has to be shown the income tax return under the column specified for "exempt income".

With Regards,

P-SAC

RAJA P M ("Do the Right Thing...!!!") (128101 Points)
Replied 22 April 2020

Yes... It will be shown as Exempted Income under exempted column if it's received from relatives as per definition of relatives.

ajmer alam (19 Points)
Replied 22 April 2020

It shall be shown income tax return as exempted income..

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Raja Babu (26 Points)
Replied 22 April 2020

It is permissible under IT act gift received in form of CASH from relative's

Devil (Confidential) (177 Points)
Replied 23 April 2020

Raja babu you are receiving 2l as gift so first of all it is taxable and u are required to show in your return

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