Computation of income tax

This query is : Resolved

Vishnu (Querist)
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24 June 2012 A women assessee whose age is below 65years wants to file a return for AY 2012-13.
The following are the details
Income from Profession ( dance teaching) Rs. 1,30,000
Income from other sources (interest income) Rs.46,000
Gift from parents Rs.46,000.
Gold purchased Rs.1,20,000.

Here my doubt is Should i consider the gift and gold purchased or can i show it as exempt income and leave it for taxable income

Please clarify in this regard

Thanks

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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24 June 2012 First of all you have to decide whether purchasing of any thing is called income?
.
Gifts received from parents are exempt and as such are not includible in the total income.
.
While filing her return take only 176000/-as her Total Income and she will not be liable for tax.
.

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Vishnu

Vishnu (Querist)
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26 June 2012 Thanks and i by some mistake entered the gold purchase details....

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