It says Gifts from relatives are fully exempt. But when I add Monetary Gift which is from Family members (Father, Wife) under other income section in Quicko, it is added to Taxable income. How can I make them as exempted one?
A monetary gift from family members is a heartfelt gesture of love and support. It can help with important goals, ease financial stress, and strengthen family bonds with gratitude.
Record gifts from specified relatives (e.g. father, wife) under Exempt Income in Schedule EI of your ITR. Though listed under āOther Incomeā software-wise, such gifts are fully tax-exempt under Section 56(2).
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