24 July 2024
have given 19 lacs through 2 cheques of Rs 9.50 lacs each as gift to my son who is major. He has no other income except interest received from banks. Interest income is below 3 lacs. No TDS WAS DEDUCTED BY BANK BECAUSE FORM 15 WAS GIVEN TO BANKS. Gift deed was prepared. He has not filed ITR because his interest income is below 3 lacs and no tds deducted by bank. Kindly advise 1) whether ITR should be file and 2) what will happen if he don't disclose gift amount in ITR if he file ITR. 3) Sir, whether it is true that if some one declared GIFT amount in his ITR, then lot of queries raised by IT Deptt as told my CA? PLEASE CLEAR THE ABOVE POINT WISE. I WILL HIGHLY OBLIGED SIR.
CAclubindia
