Gift received from relative in ITR
Sarath Chandra (CA Final Student) (566 Points)
03 September 2020
Where to show the amount of gift received in the ITR?
14 Replies
prasad Nilugal
(3924 Points)
Replied 03 September 2020
To whom you have received Gift ? and what type of gift.?
prasad Nilugal
(3924 Points)
Replied 03 September 2020
But we have check whether gift is received from reletive or not , then only it is .exmapt , he has not mentioned from whom it is received .
Sarath Chandra
(CA Final Student)
(566 Points)
Replied 03 September 2020
I cleared mentioned that gift is received from relative.
Aman Verma
(209 Points)
Replied 03 September 2020
Please refer the meaning of relative under Income tax if your case comes under that then it is exempted there is no limit on that
Sarath Chandra
(CA Final Student)
(566 Points)
Replied 03 September 2020
I know it's exempt. but where should we show it in ITR. The person falls under relative definition.
Aman Verma
(209 Points)
Replied 03 September 2020
It will be shown under the head Income from Other sources
Sarath Chandra
(CA Final Student)
(566 Points)
Replied 03 September 2020
Under IFOS schedule, do we really have specific field to enter such exempt income? I don't think so.
Aman Verma
(209 Points)
Replied 03 September 2020
If you are preparing it through software then you receive such option to show exempt otherwise ypu have to mention that in Exempt Income Schedule in ITR
Sarath Chandra
(CA Final Student)
(566 Points)
Replied 03 September 2020
In EI schedule I didn't find any such section.
Aman Verma
(209 Points)
Replied 03 September 2020
If you are filing ITR-1 it has option of others in Exempted Income Schedule write - amount received from relatives(eg Dad) then write (Exempt) in bracket other wise there is no seperate option for Gifts
Sarath Chandra
(CA Final Student)
(566 Points)
Replied 03 September 2020
Yeah. I observed the same. just need to clarify.
sury prakash yadav
(account)
(26 Points)
Replied 05 September 2020
What s type of gift assets or other mode?
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