HOW TO SHOW GIFT IN ITR-1?

munish (Assistant) (93 Points)

27 December 2020  

I want to buy home in Delhi. My Bhua wants to gift Rs.15 Lakh in my saving bank account through cheques in January 2021. We will also execute gift deed. 

My main question is ?

Q1. Is my gifted money is exempt from Income tax?

Q2. How to show gift in ITR-1 from blood relatives under which section and where ? Please explain in detail