ITR FILING 2026 27 ! माता पिता और रिश्तेदार से लिया GIFT कैसे दिखाना है ! INCOME TAX LATEST UPDATE

ITR FILING 2026 27 ! माता पिता और रिश्तेदार से लिया GIFT कैसे दिखाना है ! INCOME TAX LATEST UPDATE

. Summary
This video addresses a critical and practical challenge faced by taxpayers during the ITR Filing for Assessment Year (AY) 2026-27: how to report monetary gifts received from parents or relatives in the Income Tax Return.

Reporting Discrepancy in ITR: In the updated ITR-1, the "Exempt Income" schedule and its subsequent dropdown sub-categories only allow for reporting incomes specifically exempt under Section 10. Since a gift from a relative is entirely non-taxable rather than falling strictly under Section 10 exemptions, current ITR utilities do not provide a dedicated field to report it.

Crucial Documentation (Gift Deed): Even though you cannot declare it on your return, you must maintain proper documentation. If the Income Tax Department issues a notice or queries a high-value transaction or asset purchase in the future, you must substantiate the source of funds. Executing a legally valid Gift Deed with your parents or relatives is essential.

Proving Creditworthiness: During an inquiry, you must be able to prove the genuineness of the transaction and the financial capacity (creditworthiness) of the donor to ensure the gift is accepted as legitimate by tax authorities.

Banking Channels vs. Cash Penalty: It is highly recommended to receive gifts exclusively through formal banking channels like RTGS, NEFT, or UPI. Accepting a gift of ₹2 Lakhs or more in cash—even from parents or close relatives—violates income tax regulations and can attract an equivalent 100% monetary penalty.

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Видео ITR FILING 2026 27 ! माता पिता और रिश्तेदार से लिया GIFT कैसे दिखाना है ! INCOME TAX LATEST UPDATE канала CA SATBIR SINGH