disclosure of gift in income tax return
This query is : Resolved
22 July 2016
I have received 5 lacs from my father and purchased car from the said amt,whether I have to file itr and disclose in my itr even if my taxable income is below taxable limit
Message likes :
1 times
22 July 2016
Its not necessary to file the return in this case but I recommend that you do.
You should file the return and show the exempted income of 5 Lakhs because the above transaction can come in the purview of A.I.R and hence a notice might be issued by the system to ask why you did not file the return. In response to the notice you can mention that expenditure was out of gifted/exempted income. But if you will have to respond then its better that you file the return.
[Receipt of cash payment exceeding two lakh rupees for sale, by any person, of goods or services of any nature is covered in A.I.R]
You should file the return and show the exempted income of 5 Lakhs because the above transaction can come in the purview of A.I.R and hence a notice might be issued by the system to ask why you did not file the return. In response to the notice you can mention that expenditure was out of gifted/exempted income. But if you will have to respond then its better that you file the return.
[Receipt of cash payment exceeding two lakh rupees for sale, by any person, of goods or services of any nature is covered in A.I.R]
Message likes :
1 times
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
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- Event company query
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
Trending Online Classes
CAclubindia
