I have gifted some shares to my sister in law from zerodha through Gift share option. As per income tax law, any gifts given to sister in law is exempt from tax. But from FY onwards there is no way to show it exempt income. Where to show the entry of gift shares in ITR. also when I gifted the share I forgot to edit the original date of purchase and cost of acquisition in zerodha and I already sold shares . Is there any option to correct the entries in zerodha.
I suppose relying on the definition of “relative” in Section 92 (5) (g) of I.T.Act 2025 (previously 56(2)) that includes “brother or sister of the spouse;” and “spouse of the person referred to…” among gift-exempt relatives of an individual.
Schedule EI does contain
- a section “Other exempt Income”,
which supports- an “Other Incomes” category
and- a “Receipts not in the nature of income” sub-category
- an “Other Incomes” category
that supports a free-form text field Description
that can be used to describe the nature of income and exemption.
(eg. appropriate section of I.T. Act)
in addition to the amount involved.