• Gift from father

Sir i have 2 lakh income from coaching classes .and my father gift me 15 lakh by cheque, so which itr i have to fill or gift from father comes under which section in income tax for financial year 2019-2020.
Asked 14 days ago in Income Tax

Dear Sir,

 

Hope you are doing well !!

 

The disclosure of income depends upon the earning pattern. In case it is your regular source of income then it can be considered as a business and shown under income from business or profession. For the easy ITR filing you would be suggested to opt for ITR 4 and show it as a presumptive income.

In case it is a non material or income of irregular nature then you can also disclose the same as income from other sources and file ITR 1 form.

 

In addition, gifts from specific relatives like parents, spouse and siblings are also exempt from tax. You need to show the same under the head exempt income in ITR 1/ITR 4.

 

We may assist you in ITR filing and proper disclosure.

Payal Chhajed
CA, Mumbai
4488 Answers
77 Consultations

5.0 on 5.0

- ITR-4. Gift from father is exempt from tax. Fill the details in schedule EI.

Vivek Kumar Arora
CA, Delhi
3667 Answers
220 Consultations

5.0 on 5.0

Hello,

 

ITR-4 would be filed.

The gift from father would be declared under the Exempt Income.

I hope this answer satisfies your requirements. 

 

Regards,

CA Hunny Badlani

Hunny Badlani
CA, Madhya Pradesh
2219 Answers
7 Consultations

5.0 on 5.0

Person need to file ITR if your Income is below Taxable limit i.e. 2.50 Lacs. Gift from Relative is exempt under Income Tax Act u/s 56 (2). Relative definition cover father. You can file ITR and disclose Gift of Rs 15 Lacs as exempt. 

Gourav Arora
CA, Delhi
11 Answers

Not rated

Dear Sir,

 

As per the Income tax act, the sum of money received from any of your relatives are fully exempt from tax.


You are running Coaching classes then ITR-4 For Individuals, HUFs and Firms (other than LLP) being a Resident having Total Income upto Rs.50 lakhs and having income from Business and Profession which is computed under sections 44AD, 44ADA or 44AE. is applicable..

Shiv Kumar Agarwal
CA, Delhi
385 Answers
74 Consultations

5.0 on 5.0

You need to show the same in section 56.

 

We may assist you in ITR filing.

Payal Chhajed
CA, Mumbai
4488 Answers
77 Consultations

5.0 on 5.0

Section 56(2) of Income Tax Act is applicable for  exemption of gift.

 

In our view ITR-1 is applicable for For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income upto Rs.50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest etc.), and Agricultural Income upto Rs.5 thousand(Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares)

Shiv Kumar Agarwal
CA, Delhi
385 Answers
74 Consultations

5.0 on 5.0

You need to file ITR 4 under presumptive scheme.Under this 50% of your receipts will be considered as taxable. Gift from father will not be taxable. It will be shown under exempt income under Sec 56.

Ruchi Goel Anchal
CA, Gurgaon
213 Answers
1 Consultation

5.0 on 5.0

 

Dear Sir

for ITR filing opt for ITR 4 and show it as a presumptive income

Gift of rs 15 lakhs from ur father is exempt since he covers under relative definition

 

For further assistance u can contact us we may assist you in ITR filing 

Poorvi Jain
CA, Indore
137 Answers
1 Consultation

4.8 on 5.0

Hi

 

Considering you have only 2 lac as tuition income, you can show it as other income in ITR 1.

 

Show gift as exempt income.

Lakshita Bhandari
CA, Mumbai
4878 Answers
316 Consultations

5.0 on 5.0

Gifts are not covered under section 10. In ITR, under the exempt income, select 'any other' and mention gift from father in description box.

Lakshita Bhandari
CA, Mumbai
4878 Answers
316 Consultations

5.0 on 5.0

It should be disclosed as exempt u/s. 56 in Schedule EI of the ITR.

Hunny Badlani
CA, Madhya Pradesh
2219 Answers
7 Consultations

5.0 on 5.0

Hi

Gift from father is fully exempt. You need to show the same in ITR 1_ schedule EI.

Karishma Chhajer
CA, Jodhpur
1846 Answers
13 Consultations

5.0 on 5.0

Hi

This will be shown under section 56(2).

Karishma Chhajer
CA, Jodhpur
1846 Answers
13 Consultations

5.0 on 5.0

No need to show gift from father under income tax return as it's a gift and not covered anywhere.

 

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you

Naman Maloo
CA, Jaipur
3355 Answers
33 Consultations

5.0 on 5.0

Section 10 doesn't cover this and section 56 says it's not income it doesn't say that income is exempt.


Section 10 doesn't cover this and section 56 says it's not income it doesn't say that income is exempt.

Naman Maloo
CA, Jaipur
3355 Answers
33 Consultations

5.0 on 5.0

Yes, you can revise the return through online portal.

 

We may assist you for the same. 

Payal Chhajed
CA, Mumbai
4488 Answers
77 Consultations

5.0 on 5.0

Dear Sir,

 

The return can be revised for the particular till the end of assessment year provided that the return is filed before the Due Date i.e it should not be the belated Return.

 

Thanks & Regards

Shiv Kumar Agarwal 

Shiv Kumar Agarwal
CA, Delhi
385 Answers
74 Consultations

5.0 on 5.0

You will have to revise the income tax return for the concerned year.

Hunny Badlani
CA, Madhya Pradesh
2219 Answers
7 Consultations

5.0 on 5.0

You will have to file revise ITR.

Naman Maloo
CA, Jaipur
3355 Answers
33 Consultations

5.0 on 5.0

Hi

You need to file revise return.

Karishma Chhajer
CA, Jodhpur
1846 Answers
13 Consultations

5.0 on 5.0

Yes, you can file revise return ro reflect that change. Even if you dont do that change, practically i dont see any serious impact.

Lakshita Bhandari
CA, Mumbai
4878 Answers
316 Consultations

5.0 on 5.0

You can file Revised ITR by showing the Income as Exempt u/s 56 (2)

Pradeep Bhat
CA, Bengaluru
538 Answers
45 Consultations

5.0 on 5.0

Ask a Chartered Accountant

Get tax answers from top-rated CAs in 1 hour. It's quick, easy, and anonymous!
  Ask a CA