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Question ID : 39281

Disclosure of Gift in ITR

Whether it is required to disclose gift received from father in income tax return. and if required where we have to disclose.

Posted by Shobhit Bansal on Jul 11, 2019

Filed Under DIRECT TAXES

Answer ID : 79015

Gift from his father is fully exempt from tax.

Posted by CA PRADEEP C B on Jul 11, 2019
Answer ID : 79019

Although ITR 1 and ITR 4 tax forms for financial year 2018-19 don't specifically require disclosure for taxable gifts, ITR 2 and ITR 3 (for this FY) mandate disclosure of taxable movable/immovable properties received as gifts during the year. In ITR you can show after table no 7 for reporting purpose.

Posted by CA. BISHT RAKESH on Jul 12, 2019
Answer ID : 79047

From F. Y. 2017-18 it is mandatory to disclose gift received in ITR. It should be disclosed in Schedule-EI.

Posted by CA. chunauti dholakia on Jul 17, 2019