CASH RECEIVED FROM MY WIFE AS GIFT
This query is : Resolved
02 August 2020
On two occasions during FY19-20, my son gave me hard cash first time Rs.1,55,000/- by breaking his term deposit in a nationalized bank in India from residential account (prior to converting the account to NRO) and removing cash and giving it to me and second time my wife gave hard cash Rs. 1,25000/- to create FD in my name as I have turned senior citizen in November 2019. she receives money in her bank account from our son in the US. (Total receipt Rs.280000/-)
I want to know how to treat these amounts to tax and file my return (ITR3 released on 1.8.2020). I have already filed my wife's tax return (ITR1) and the very next day IT dept modified Form 26 AS for my wife. They are now showing SFT004 (cash deposit) and SFT005 (term deposit) in her Form 26AS and SFT004 in my Form26AS.
I want to know how to treat these amounts to tax and file my return (ITR3 released on 1.8.2020). I have already filed my wife's tax return (ITR1) and the very next day IT dept modified Form 26 AS for my wife. They are now showing SFT004 (cash deposit) and SFT005 (term deposit) in her Form 26AS and SFT004 in my Form26AS.
02 August 2020
Write to us at cakaransingh01@gmail.com. Your query will be answered comprehensively and altruistically.
04 August 2020
Cash received from your son & wife is exempt in your hands.
Regarding SFT004, in her 26AS, she might have deposited 10 lakhs or more in her saving accounts in one of more banks. during the FY 19-20.
Regarding SFT005 in her form 26AS, she might have made new time deposites of Rs 10 lakhs or more in one or more banks during FY 19-20
So you will have to file return of your wife declaring income accordingly. If you haven't mentioned the income based on the the SFT-004 & sft-005, it is advisable to revise the return of your wife.
Feel free to reach us at caparth@parthdshah.com.
Regarding SFT004, in her 26AS, she might have deposited 10 lakhs or more in her saving accounts in one of more banks. during the FY 19-20.
Regarding SFT005 in her form 26AS, she might have made new time deposites of Rs 10 lakhs or more in one or more banks during FY 19-20
So you will have to file return of your wife declaring income accordingly. If you haven't mentioned the income based on the the SFT-004 & sft-005, it is advisable to revise the return of your wife.
Feel free to reach us at caparth@parthdshah.com.
09 August 2020
https://taxguru.in/income-tax/tax-gifts-india.html
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Should I report my US salary for January, February, March in Schedule FA?
- Can a partnership firm become partner in a LLP ?
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- TDS on purchase of value vouchers for employees ?
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
