Gift received from my Sister is taxable or exempt

[Sreenath]

I have received a Gift of Rs.8 lakhs from my sister living in UK. Is the amount received taxable or exempt under any section in Income Tax. 

If it is non taxable, should i reqport in the ITR filing and if yes, where should i report this amount. 

Please clarify. Thanks

AI Summary

Rs 8 lakh gift from sister abroad is exempt as specified relative under Section 56(2)(x); disclose in ITR Schedule EI A monetary gift of Rs. 8 lakhs received from a sister residing abroad qualifies as a gift from a specified relative and is exempt under section 56(2)(x) of the Income Tax Act, 1961; it does not attract tax. It should still be disclosed in the income tax return-report the receipt in Schedule EI (Exempt Income) of the ITR as per filing instructions.