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
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