ok if a persons earning in a year are only abt say 50k , the person got gift from family(siblings,parents) of rs 1.5 lakhs and this they invested into thier ppf account, then while filing returns do they show ppf investment in the 80c or not? as investment is more than income since its from gift
2 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177741 Points)
Replied 31 March 2018
" then while filing returns do they show ppf investment in the 80c or not?"
Let it be declared, but exemption will be limited to 50K (i.e. taxable income from which 80C deduction can be claimed).
Divakar
(Student CA Final )
(11857 Points)
Replied 31 March 2018
U r not required to file ITR if ur income is not exceeding basic exemption limit Rs. 2.5 lakh...
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