Do I need to report a gift of ₹7–8 lakhs received from my parents during the financial year via bank transfer, or is keeping proof enough? If it needs to be reported, how can I report it via Quicko?
Yes, you should report it under Exempt Income while filing your ITR.
In Quicko, you can add it under: Other Incomes → Any Other → Exempt Income.
In exempt income there is no section to report from whom I received the gift. So, should I combine the gifts from both my parents and report them together?
Yes, you need to combine the gifts from both your parents and report them together!
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Could you also tell me whether a gift received from my father’s sister (my paternal aunt), who resides in a foreign country, is exempt from tax?