I have received cash gift of Rs. 2,00,000 from my childhood friend. Am I required to disclose the gift in my return of income?

Cash gifts are taxable under Section 56(2)(x) if the aggregate value of such sum of money received during the year exceeds Rs. 50,000.

Gifts are taxable under the Income Tax Act, unless they fall under the category of exemption.
Hence, if the aggregate value of gifts received during the year exceeds Rs. 50,000, then aggregate value of such gifts received during the year will be charged to tax.​ The gifts should be duly disclosed in ITR and taxes should be paid on them.

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