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
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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