Gift from Parents

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  1. ramu kaka

    ramu kaka New Member

    I received a sum of money from my parents. Is it going to be included in total income or not? Since I could not find provision of gifts in section 10 anywhere.
     
  2. ZED

    ZED Well-Known Member

    You are looking at the wrong provision.
    Kindly check S.56(2)(vii)

    S.10 is for exempted income, but gift from relative is not an income at all. However, I would recommend that this be shown as Exempted income in the return. It will help you in long run.
     
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