Amending income tax - urgent

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 March 2012 Hi,

I received gift of Rs.1,45,000 in the financial year 2010-11 from my would be Mother-in-Law after my engagement. I have few queries regarding this:

1. Do i have to pay any income tax on this gift (would be mother-in-law) if yes how much and what would be the penalty for not filing it in my last return. I am in bracket of 20%.
2. Since i have not paid any tax on this in my last return, how to pay income tax on this through amended Income tax return along with the penalty.

Kindly help.

thanks and regards,

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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27 March 2012 Dear Friend,
1.The relationship of relative should exist at the time of receipt of the gift and also at the end of the financial year, In your case there is not relative for the F.Y 2010-11
2. Rs. 145000 shall be taxable under incomefrom other sources
3. Since you have already filed the return, you can revise your return on or before 31st march 2013 as per section 139(5). No penalty shall be imposed but you will have to pay interest u/s 234(a,(b),(c).

Querist : Anonymous

Querist : Anonymous (Querist)

27 March 2012 Hi Sir,

Thanks for the reply.

I have one more query.

The tax has to be filed on Rs. 95000 (after subtracting Rs.50000 as gift from non relative) or on whole amount of rs.145000/-.
Also, how to file the amended return, can you kindly give details.

thanks and rgds,

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CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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27 March 2012 No entire smount is taxable, the provision says if gift amount exceeds Rs. 50000 then entire amount will be taxable.