Not required
Sir I got 5lac from my father by online transfer. is it necessary to show in itr 1 exempt income, is it necessary to gift deed
Gift deed is not mandatory from income tax perspective. You both can give a self declaration and notarize the same for records.
Yes, you should show it in exempt income.
for safer side execute gift deed , this is exempt and not consider as inome as per section 56 of Income Tax Act,1961 thus no need no disclose in ITR Form
If I show in exempt income than what matters write in column EI other
This is not an exempt income as such. A transfer from a relative need not be shown under exempt income. If you earn any income after investing this money that income is taxable.
Hi
It is advisable to show such receipt as 'gift from relative' under exempt income in ITR.
Although gift deed is not mandatory, but it is recommended. However, you can also prepare notarized declarations for such gift which would solve the documentary purpose.
Hi,
Gift Deed is mandatory to claim exemption under section 56(2)(vi).
Ideally the income is not an exempt income hence there is no specific tab for same in ITR-1. However if you wish to disclose you need to select "any other" tab and show it under the same giving a description of the nature of income.
Hope this resolves your queries!
Hi,
Yes you should show it as an exempt income but a gift need though recommended, is not mandatory. However for documentary purposes, you can give a self declaration and notarize the same for your records.
Regards,
Nikhil
Dear Sir,
- It is mandatory to show gift from father in ITR-1.
- Show it under option exempt income with the description Gift from father exempt u/s 56(2)(x).
Thanks
Dear Sir,
Hope you are doing well !
See as per the common parlance, every gift should be supported by a Gift DEED. However, as per the general practice & implementation problem, any gift within the family and by A/c payee cheque may not be supported by any Deed. However, it should be kept in mind that if the amount gifted is quite significant(Huge) or the gift is in some other form (property, vehicle etc), it is necessary to keep a gift deed ready before filing ROI.
Thanks & Regards,
Payal Chhajed
Further, It is mandatory to show such receipt as 'gift from relative' under exempt income in ITR-1.
Thanks & Regards,
Payal Chhajed