19 July 2012
Sir,one of my friend is going to file his income tax return first time.He has taxable income from salary.Also,His father has gifted him 30000 Rs. in cash but his father has no income tax file as he is a farmer. I want to know whether it is compulsory for him to have income tax file.Also,whether he should mention the gift income in other sources income or not as it is below 50000.If not,Than can he show the gift income in capital a/c? One last question,As it is his first time return,from where he should take the opening balance of capital a/c? Thanks in advance..
19 July 2012
Do not file any Balance Sheet right now. No need to show the Gift also. Gifts received from relatives are not treated as income. . File ITR 1, where you can show Salary Income, Interest Income etc. .
19 July 2012
Thanks,but his father has never filed income tax return as he is a farmer?Is there any need to have IT Return to gift? And,can he show the gift income in his capital a/c? Thanks in advance.
19 July 2012
Thanks a lot But he want to maintain his income tax file for loan purpose and for that he is required to have capital a/c. So from where he should take opening balance of Capital a/c as it is first time? And can he show the gift income in the credit side of Capital a/c?
CAclubindia
