New Delhi, July 24 -- If you received cash, jewellery or other gifts from your friends or family during the financial year, they may be taxable in your hands depending on who gave the gift and its value. Such gifts should also be disclosed in your income tax return (ITR), even if they are exempt from tax.

With the ITR filing deadline now just a week away, understanding the tax rules on gifts can help taxpayers avoid mistakes while filing their returns and ensure they disclose only what is required. For taxpayers filing ITR-1 and ITR-2, the deadline is 31 July, 2026, with no extension communicated so far.

Any form of gifts received by a taxpayer are considered as income and must be disclosed under the head 'Income from Other Sources'. Th...