Itr personal transaction
This query is : Resolved
22 July 2023
Sir i have 2 queries :
1. If i have received upi from my son of small amounts like 5k during the year aggregate amount is around 1.5 lakh.
2. If i have paid credit card bills aggregating to which around 10lakh , however in some of the cases i have ordered things for others and received amount in my savings account or by cash . How will i deal with it in itr filing.
1. If i have received upi from my son of small amounts like 5k during the year aggregate amount is around 1.5 lakh.
2. If i have paid credit card bills aggregating to which around 10lakh , however in some of the cases i have ordered things for others and received amount in my savings account or by cash . How will i deal with it in itr filing.
22 July 2023
1. Consider it as gift.
2. There may be query, if aggregate payments have exceeded 10 lakhs, while your income declaration may not compatible to the expenditure. Avoid any cash transactions.
2. There may be query, if aggregate payments have exceeded 10 lakhs, while your income declaration may not compatible to the expenditure. Avoid any cash transactions.
22 July 2023
Sir if i consider it as gift is it taxable? Or i can show it as loan
22 July 2023
Son being RELATIVE as per sec. 56(2) IT act, any amount of gift from son is exempt.
14 September 2024
Good luck.
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