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Tax on Giving gift to telative
If father gives a gift of Rs.5 lakh to his son out of his income received on retirement and pension, is it necessary to file ITR by the father, even if his income does not exceed the maximum amount which is not chargeable to Income tax?
Replies (2)
Not necessary.
not required
since as per section 139 of IT ACT filing of return for individual is mandatory only if income exceeds basic exemption limit not chargeable to tax..
and GIFT is given not received so it doesn't matter
since as per section 139 of IT ACT filing of return for individual is mandatory only if income exceeds basic exemption limit not chargeable to tax..
and GIFT is given not received so it doesn't matter
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