I recently received a monetary gift from a relative in India, and I am a bit confused about how to report this gift income while filing my ITR. Can you please guide me on how to show gift income in ITR India?
In India, the taxability of gift income depends on who gave you the gift and the amount. If you received a gift from a specified relative (like parents, siblings, or spouse), it is fully exempt and does not need to be taxed, though it is advisable to report it under the “Exempt Income” schedule in your ITR.
However, if the gift is received from a non-relative and the total value exceeds ₹50,000 in a financial year, then it becomes taxable under the head “Income from Other Sources” and must be shown in your ITR accordingly. You can add the amount in the “Income from Other Sources” section while filing, and pay tax as per your applicable slab rate.
For official guidance, you can refer to the Income Tax e-filing portal here: