If I received a gift from my father, should I mention it anywhere in my ITR or should I prepare a gift deed simultaneously?
What's the procedure we should follow whenever we receive the gift?
What is the kind of gift received?
6 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177896 Points)
Replied 03 January 2023
No need for any gift deed in that case, as its gift from your father, which as per IT act, relative to you, and hence exempt from any taxability.
You can declare it in your ITR under Schedule EI...
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