Income tax payable.
This query is : Resolved
07 September 2014
Hello experts,
I'm a bit confused.
Currently I'm working with an Organisation that pays me Rs.12000 as basic salary and a variable incentive as well.
My Total income thus is around 1,08,000 INR as i joined the org. in July.
Now that income in nowhere near the tax bracket of male individual. But if i add my incentives as well, the figures rises to close to 1,50,000. Still good. But my mother got a Gift of 1,49,000 INR from my maternal grandfather and the amount was deposited in my bank account. I have to file and ITR in September now from the company and I'm not sure whether or not to show this income in my ITR. And i have only received 25000 as salary till now.
I'm a bit confused.
Currently I'm working with an Organisation that pays me Rs.12000 as basic salary and a variable incentive as well.
My Total income thus is around 1,08,000 INR as i joined the org. in July.
Now that income in nowhere near the tax bracket of male individual. But if i add my incentives as well, the figures rises to close to 1,50,000. Still good. But my mother got a Gift of 1,49,000 INR from my maternal grandfather and the amount was deposited in my bank account. I have to file and ITR in September now from the company and I'm not sure whether or not to show this income in my ITR. And i have only received 25000 as salary till now.
07 September 2014
Dear Mayank,
Amount received by you in your bank account on behalf of your mother will be treated as Loan in your account, it will not be taxable to you at all. Accordingly your income will remain within exemption limit.
Amount received by you in your bank account on behalf of your mother will be treated as Loan in your account, it will not be taxable to you at all. Accordingly your income will remain within exemption limit.
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