ITR 2026: New Column — Report Your Exempt Income?
The ITR utility for AY 2026-27 now has a new 'Other Income' column under Exempt Income. If you received tax-free money — like gifts from relatives or sale of rural land — you should now voluntarily report it to avoid notices.
A gift from your mama worth ₹60,000 is tax-free — but hiding it can cost you more than chai for a year in penalties.
You must now report these in your ITR or risk a tax notice
Key Takeaways
List all tax-exempt money you received in FY 2025-26 — gifts from relatives, rural land sale proceeds, or any one-time non-taxable receipt above ₹50,000.
Open the latest ITR utility and locate the Exempt Income Schedule — fill in the new 'Other Income' column even if the amount is fully tax-free.
Keep documentary proof ready — gift deeds, sale agreements, or bank transfer records — in case the Income Tax Department sends a verification notice.
The ITR utility for AY 2026-27 now has a new 'Other Income' column under Exempt Income. If you received tax-free money — like gifts from relatives or sale of rural land — you should now voluntarily report it to avoid notices.
Here's what happened: The Income Tax Department updated the ITR filing utility for AY 2026-27 with a new 'Other Income' column under the Exempt Income Schedule.. This column is meant for tax-free receipts that don't fit existing categories — such as gifts from close relatives or proceeds from selling rural agricultural land.. Tax experts warn that not disclosing these amounts can trigger mismatches with department records, leading to scrutiny notices even when no tax is owed..
What you should do: List all tax-exempt money you received in FY 2025-26 — gifts from relatives, rural land sale proceeds, or any one-time non-taxable receipt above ₹50,000.. Open the latest ITR utility and locate the Exempt Income Schedule — fill in the new 'Other Income' column even if the amount is fully tax-free.. Keep documentary proof ready — gift deeds, sale agreements, or bank transfer records — in case the Income Tax Department sends a verification notice..
Gifts received from 'specified relatives' (parents, siblings, spouse) are fully tax-free under Section 56(2) regardless of amount — but reporting them voluntarily in ITR protects you from future scrutiny.
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- [1]“ITR utility updated: New 'other income' column added under exempt income schedule; here's what it means” Wealth-Economic Times · 6 Jul 2026
This article is reported by GoCredit's Editorial Team based on the source above. GoCredit synthesises, contextualises, and adds India-borrower-relevant analysis. We are not the original publisher.