Gift from mother

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 October 2012 Dear Sir,
An assessee who has received a cash gift of Rs. 5 lacs from his mother in fy 2011-12 and he his professional income is around 1.5 lacs during the fy. Whether it is mandatory for him to file his IT return for the purpose of showing gift or not.

Please advise me.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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24 October 2012 Better to file income tax return because of you will show and public the amount before to facing any problem.

OM SAI SRI SAI JAI JAI SAI

Querist : Anonymous

Querist : Anonymous (Querist)

24 October 2012 If assessee dont file return, what kind of problem he has to face?

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Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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24 October 2012 No, problem will arise but in case of any notice from the AO then it is required to show proof with proper evidence.

OM SAI SRI SAI JAI JAI SAI

@VaibhavJ

@VaibhavJ (Expert)
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24 October 2012 Hi,

No need to file return, however you can make an agreement for a Gift for a safer side.

Rgds//Vaibhav
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Querist : Anonymous

Querist : Anonymous (Querist)

25 October 2012 In the above case, when I filed online then on itr V only professional income was mentioned, there is no noting regarding exempt income on itr V, however I was mentioned the gift in schedule EI of itr 4.
In this case, what would be proof in the hands of assessee that he has shown Rs. 5 lacs in his itr.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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25 October 2012 Gift deed if any or the confirmation letter from the gift payer(i.e you mother in your case).

OM SAI SRI SAI JAI JAI SAI