Report Gift Income in you Income Tax Return
If you've received gifts in the form of cash, property, or valuable items, you can report them under Gifts & Inheritances. Recording them correctly ensures they are considered appropriately while preparing your income tax return.
Before You Start
Where to find it: Go to Incomes → Other Incomes → Gift Income.
Gift categories: Quicko allows you to record three types of gifts:
Immovable Gifts – Land, buildings, or other immovable property.
Monetary Gifts – Cash or money received as a gift.
Movable Gifts – Jewelry, electronics, gift cards, and other movable assets.
Add Gift Income
From the left sidebar, go to Incomes and select Other Incomes.
Select the type of gift from the Exempt Income dropdown:
Immovable Gifts – Real estate such as land or buildings.
Monetary Gifts – Money received as a gift.
Movable Gifts – Jewelry, electronics, gift cards, and similar items.
Enter the value of the gift.
Click Save.
Once saved, the gift will appear on the Gifts & Inheritances page. You can add more gift entries by clicking Add again, or edit or delete an existing entry using the menu next to it.
Need Help?
Raise a ticket to get in touch with us.
Related Articles
Understanding Tax Computation Report
A tax computation report is a summary of your tax return. It is divided into four main sections: Personal details - Name, PAN, email, etc. Income tax return details - Return type, regime, filing date, acknowledgment number. Tax computation summary - ...Report Presumptive Business Income
If you're a small business owner or professional, the Presumptive Taxation Scheme offers a simplified way to file your taxes. It allows you to declare income as a fixed percentage of your turnover or gross receipts, eliminating the need to maintain ...Report Form-10IA details in Tax Return
If you or your dependent has a specified disability like autism, cerebral palsy, or multiple disabilities, you may be eligible for a flat deduction under Section 80U or 80DD. To claim it, you’ll need to file Form 10-IA as proof. This form must be ...Import Trades & Report Business Income using Investment Apps
If you're trading in Intraday or Futures & Options (F&O), it's important to know that these are treated as business income under the Income Tax Act and must be reported under the Business & Profession (B&P) category. ⚠️ Since Intraday and F&O are ...Reset Income Tax Return
Resetting a tax return means deleting the current return you’ve been working on, allowing you to start over from scratch. This can be useful if you’ve made errors or no longer wish to file that particular return. Once reset, all previously entered ...