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

[Rajan Kumar and associates]

Gift Received from Relatives are exempt u/s 56(2)x of the Income Tax Act, 1961. You may report that Income in Schedule EI

[Sreenath]

Thanks for your reply.

Is it compulsory to report in Schedule EI the gift received amount or is it an option only?

AI Summary

Gift from relative exemption applies; disclose exempt gifts in the income tax return under the designated schedule. A cash gift from a sister qualifies for the statutory gift exemption applicable to specified relatives and is not treated as taxable income when conditions for the relative-based exemption are met. Even if exempt, the receipt should be disclosed in the income tax return using the designated schedule for exempt income (Schedule EI) to ensure proper compliance and transparency.