Filing i.t. return compulsory or not ?

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 December 2015 In financial year 2014-2015, a resident individual person has following incomes :

(1) Income of Rs. 1,15,000 from giving tuition to school students.
(2) Interest income of Rs. 8,000 from Savings bank A/c.
(3) Interest income of Rs. 87,000 from Bank FD.

(4) In addition, he has received money amounts of Total Rs. 12,20,500 as Gifts from his Father. Out of these gift amounts, Rs. 35,000 are received in cash and other gift amounts are received through A/c payee Cheques on various dates.

Thus, here, as per details given above, his total income (other than gifts income) is Rs. 2,10,000 . And it does not cross exemption limit.

He has not filed his Income tax return for Financial Year 2014-2015 yet.

QUE.1 Is it compulsory for him, to file Income Tax Return for Financial Year 2014-2015?
If yes, by which reason , it is compulsory?

QUE.2 If return is compulsory, then , Will his gift incomes of Rs. 12,15,000 be exempt ?

QUE.3 Is it compulsory to show the gift income of Rs. 12,15,000 in income tax return?
If yes, then how to show it in return? (Under which Head ? - In which Item ? )

SIR, please give your guidance in these questions.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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10 December 2015 IF tds deducted on FD if you file you can claim refund. Otherwise it is not mandatory as your Income is less than Taxable limit. For Gift you should have gift Deed Mentioning Amount & Details of Cheque Payment.