Gift from parents taxable?

Till now I used to get all the income from my work in my parents bank account as I was below 18. Now I’ve opened my own bank account and will be investing that amount.

My parents transferred me 2 lacs and I read that income from relatives like parents aren’t taxable so how and where do I need to show this income/gift from parents? And any conditions attached to this when any amount is transferred from a relative to us? I’ve confusion around this. Please help me clarify

And secondly what proof do I need to keep?

@Kaushal_Soni @Laxmi_Navlani @Divya_Singhvi @AkashJhaveri can you?

Hi @Latesh_Bayad

Yes, any amount received from parents is exempt. You can mention the amount received as a gift under the Exempt Income Schedule in your ITR. Since the amount you received is from parents the clubbing provisions will not apply to the income earned.

Make sure the amount is transferred from their bank accounts and is not deposited in cash.
Also, it is prudent to have a gift deed executed whenever you receive any gift for further documentation.