How to show income from gifts?

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  1. TaxPayer123

    TaxPayer123 Member

    Hi, I teach private tutions at home. Total Income is less than 2.5 lacs. I'm filing an ITR IV. I received INR 5 lacs as gift from my father in the previous year. Since it's a gift it shall be exempt from tax. Do I need to show it in the ITR? If yes, which column?

    Thanks
     
  2. SUNNY NARANG

    SUNNY NARANG Member

    please refer screen shot where we need to show this income in ITR.
    [​IMG]


    [​IMG]
     
  3. TaxPayer123

    TaxPayer123 Member

    Thank You!!
     
    SUNNY NARANG likes this.
  4. TaxPayer123

    TaxPayer123 Member

    Just two quick follow-up queries,

    1) My CA says that the 'Exempt Income' schedule is only for section 10 and since gift is not exempted in that section, so it is not feasible to show. He's suggesting that I only keep a gift deed as proof in case there is an assessment/scrutiny. Is that ok?

    2) If I'm teaching tutions and total income is less than 2.5 lacs do I need to maintain any accounts or have receipts of fees charged from students? Is it mandatory?

    Thanks
     
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