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

1. Navigate to File > Incomes > Other Incomes, then click Gift Income
   
   
2. Enter the total value of the gifts received
   
   

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