|Question And Answer|
|Subject:||Exemption u/s 56 (2) (x)|
|Querist:||BINOD KUMAR CHOKHANI|
|Answered by:||Advocate Shashi Ashok Bekal|
|Date:||December 12, 2021|
my son who is canadian PR holder has gifted a sum of Rs. 5 Lac in FY2020-21 to me. how can i show this in ITR & claim the exemption?
Your son is your relative as per the term “relative” defined under explanation (e) to section 56(2)(vii) of the Income-tax Act, 1961 (Act). Therefore, the same is exempted income under section 56(2)(x) of the Act. It is advisable to show the gift in the Income-tax return under the head “Income from other sources”.