24 July 2024
Sir I have given some amount as gift to my son who is major. He has no other income except interest received from banks. Interest income is below 3 lacs. Gift deed was prepared. He has not filed ITR because his interest income is below 3 lacs. Kindly advise whether ITR should be file and what will happen if he don't disclose gift amount in ITR. No tds was deducted by bank because form 15 was given. No reporting in AIS appearing regarding gift amount. 1)should ITR be filed? 2) if I file ITR and don't disclose gift amount, what will happen? 3) my CA is advising that don't disclose gift amount in ITR and saying if the same will disclose then lot of queries will be raised by IT Deptt. Is it true?
24 July 2024
Sir no tds was deducted because form 15 was given. Secondly no reporting in AIS regarding gift amount. Sir whether it is true that if someone disclose gift amount in ITR, then lot of queries will be raised by IT Deptt.? My CA IS SAYING IT. IS IT TRUE?
CAclubindia
