Gift Received from Son

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  1. rohitjain80

    rohitjain80 New Member

    Hi

    I would like to know, If I need to show the Gift received from my Son, in my Income tax return, although it is tax free being a gift from relative, or there is no need to show it in Income Tax Return.

    It is done by way of Bank Transfer so all the proof is available.

    Regards
     
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    1. Gift received from Son is exempted from the levy of Income Tax.
    2. Even though this is exempted income, it is always better to show it in the income tax return. Manner of disclosing such income has been mentioned here - http://www.charteredclub.com/exempt-income-itr/
     
  3. rohitjain80

    rohitjain80 New Member

    Thanks Gaurav.......

    So we should show in Schedule E1 under point number 5 (Others).......
     
  4. gaurav_kumar

    gaurav_kumar Well-Known Member

    Yes, it would be disclosed in Schedule E1 under Point 5 - others.
     
  5. Finmart.com

    Finmart.com New Member

    Any gift received in cash or kind above Rs 50,000 is taxable in the hand of recipient as “income from other sources.” But gift received from specified relatives is exempt from income tax and son is included in the list of specified relatives. It is not necessary to show the exempted income in the income tax return.
     
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