When Gift Received is Exempted from Income Tax

Gift received from the following person/circumstances more than Rs.50000 is exempted from tax:

  • Money and property received from a relative.
  • Money and property received on the occasion of the marriage of the individual
  • Money and property received by way of will/ inheritance
  • Money and property received in contemplation of the death of the payer
  • Money and property received from a local authority
  • Money and property received from any fund, foundation, university, other educational institution, hospital, medical institution, any other trust or institution referred to in section 10(23C)
  • Money received from charitable institution registered under sec.12AA

2 thoughts to “When Gift Received is Exempted from Income Tax”

  1. I am an employee.I got gift from my NRI son.Should I show it in ITR-I in income from other sources and deduct it again under certain act?

  2. as gift income is tax exempted then can we show this income in ITR1 , if yes then tell in which column, i do not find exempted income column ITR1 but it is present in ITR2

    so please guide.

    and if my mother got money as Rs5000 in cash monthly can we show this as gift income in her ITR

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