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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?

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14 Replies

prasad Nilugal (3914 Points)
Replied 03 September 2020

To whom you have received Gift ? and what type of gift.?

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rama krishnan (12234 Points)
Replied 03 September 2020

In the exempted income coulmn

prasad Nilugal (3914 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

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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.

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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