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

Gifts from specified relatives (Section 56(2)(x)) are tax-exempt but must be disclosed in Schedule EI of ITR A gift of Rs.8 lakh received from a sister (a specified relative) is exempt from tax under the Income Tax provisions treating gifts from relatives as non-taxable. Such exempt receipts should still be disclosed in the income tax return: report the amount under the schedule for exempt income (Schedule EI) so the exemption is reflected, even though no tax is payable; disclosure is required rather than optional to support the tax treatment.