Archive · 24 Jul 2026
ITR Filing 2026: Rules for Disclosing Gifts
When you file your income tax return (ITR) for the year 2025-26, you need to report any gifts you received, even if they are not taxable.
Gifts from relatives, inheritances, and wedding gifts are not taxed, but you still need to disclose them in a new section of the ITR form.
This helps the tax department keep track of all your income and receipts.
If you don't report gifts correctly, you might face penalties.
The deadline for filing your ITR is 31 July, 2026.
Gifts received from friends and family may be taxable depending on the giver and value.
Taxpayers must disclose all gifts in their ITR, even if they are exempt from tax.
Gifts from relatives, inheritances, and wedding gifts are exempt from tax but must still be disclosed.
Failure to disclose gifts correctly can result in penalties ranging from 50% to 200% of the tax payable.
A new field in the ITR form requires disclosure of receipts not considered income.
- Who
- Taxpayers in India
- What
- Disclosure of gifts received in ITR
- When
- Filing ITR for FY 2025-26
- Where
- India
- Why
- To comply with tax laws and avoid penalties
Taxpayer Convenience
Tax Authority Scrutiny
Disclosure Requirements
Taxpayer Convenience
Taxpayers should only disclose taxable gifts to simplify the filing process.
Tax Authority Scrutiny
All gifts, including exempt ones, should be disclosed to ensure transparency and prevent scrutiny.
- ITR Filing Deadline
- 31 July, 2026
- Taxable Gifts from Non-Relatives
- Gifts exceeding ₹50,000
- Exempt Gifts
- Gifts from relatives, inheritance, wedding gifts
- Penalty for Misreporting
- 50% to 200% of the tax payable
- New ITR Field
- Receipts not in the nature of income