Revised return for exepmt income

This query is : Resolved

Rahul Gupta (Querist)
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05 June 2012 I had filed my (AY 11-12 )return, after due date.
I forgot to mention gift recd from my mother under exempt income head. Amt is 5 lac.

1) Can you please advice, If I can revise return now. I understand that return can be revised within one after the end of Assessment year ie upto 31.03.2013 , only if return if filed before due date.

2) As solution, should I include this gift amt in my next year return ie. Income tax return for AY 12-13?

What will be implication, if I include this income in next year return or revise my return? Please suggest.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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05 June 2012 1. As per Section 139(5), a revised return can be filed only if the original return was filed on or before the due date.

Since you have filed a belated return, you CANNOT revise the return.

2. Since the income pertains to the previous year, it cannot be shown in the current year.

3. Please provide details regarding the gift:
(i) Nature - cash or bank or asset?
(ii) Was a gift deed prepared?

Rahul Gupta

Rahul Gupta (Querist)
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05 June 2012 Siddhartha,

Thanks for your reply

It was done by bank and no deed was prepared.

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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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05 June 2012 Since the transaction was done through bank there will be nor problem if the gift was not shown in the return since the same is exempt.

Soumitra Basu

Soumitra Basu (Expert)
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06 June 2012 Gift is not an income under any section of the act. Only in section 56 it has been mentioned that amount received from relatives will not be tax. You need not show that as income. Only you have to credit the same in capital account.