ITR filing for gift money

Yes, you should show it under the head exempt income in ITR.

Hi,

- Yes you need to mention in your ITR under exempt income.

Thanks

Hi,

You will have to show the same in ITR under exempt income.

There is no such requirement of showing it in ITR as any which ways it is an exempt income. So there won't be any harm if you don't show, but it is recommended to show it under exempt income but in future if you use it or invest anywhere you must have the proof of the source of income/investment.

Also it is suggested to keep a gift deed ready mentioning all the details, it will also help as such amount is in cash and your grandfather should have such capital to give you gift.

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Hi

Gifts need to be reported under exempt income in ITR.

Gift from your grandfather is not taxable.

Yes, you should show it under exempt income.

However, please note that receipt of gift in cash in excess of 2 lacs is not allowed and a penalty of equivalent amount can be levied.

You can but it is an exempt income for you as gifts from relatives are exempt

Hi

This is tax free in your hands.

It is advisable to declared this income,it is to be declared as exempt income in your ITR.

Since it is from relative then exempted can show in EI sheet in ITR

Hi,

Gift received from Grandfather is exempt from tax.

However if the gift deed is executed between the two of you then only it is advisable to show the gift in ITR else it can be avoided.