Report Gift as Income in Your Tax Return
Everyone loves receiving gifts, but did you know some gifts might be taxable?
If you receive gifts worth more than ₹50,000 in a year, you’ll need to report them as income in your tax return. But don’t worry, there are some exceptions!
When gifts are tax-exempt
- Gifts from immediate family members (like parents, siblings, or a spouse)
- Gifts received during your marriage or through inheritance
- If the total value of gifts in a year is below ₹50,000
- Gifts from registered charitable trusts
You should report them as exempt income. Read more about it here.How to report gift income
- Navigate to File > Incomes > Other Incomes, then click Gift Income
- Enter the total value of the gifts received
If you still have any further queries, you can 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 - ...Add Dividend Income
Companies pay dividends to their shareholders as rewards from their profits. Shareholders receive dividends based on the number of shares they own. This income is taxed as income from Other Sources. Common questions about dividend income Can I claim ...Add Royalty Income
Royalty income is the money earned when someone pays you to use something you own, like a patent, copyright, or natural resource. For example, when authors let publishers sell their books, the publishers share part of their profits with the authors. ...Manage Interest Income
In India, saving is often prioritized over spending. Interest income is the money you earn from investments like fixed deposits, bonds, savings account, etc. It's a steady way to grow your wealth over time. This guide will help you understand and ...Manage House Property Income
House property includes any building or land, such as a house, apartment, office space, or hotel. This guide explains when to report your property in the ITR, how to add it, and the required details. When to Report House Property in Your ITR You earn ...