Will excempt Income like Gift from Father, Shares Dividend if not shown in ITR will also be penalized 49.1% under Income Declaration Scheme?
3 Replies
Wae Jing Lonthaw
(Others)
(341 Points)
Replied 28 January 2017
| Originally posted by : Dhirajlal Rambhia | ||
 |
No |  |
I read somewhere that if Gift is above INR 50,000 in a Financial Year then its taxable. I want to know if Gift from father is above INR 50,000 in a Financial Year then its taxable?
And attracts penalty under Undisclosed Income Sceheme if not shown in ITR?
Can a Qualified CA PM me for fast consultation with fee paid here?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178221 Points)
Replied 28 January 2017
Gift from Father (being relative as per IT act), is exempt, be whaterver amount.
No penalty for its non-disclosure, but explainable/justifiable whenever queried.
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