A I.t. assess source of income below limit in f.y. 2018-2019. A person cash gift received from brother Rs. 12,00,000/- through on bank check and gift amount deposit in bank sb account in f.y. 2018-2019.
A person I.t. return filed f.y.2018-2019 compulsory at the end of March,2020.
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I.t. return filed below taxable limit in f.y. 2018-2019
Replies (1)
gift received from the brother is EXEMPT u/s 56(2)(x) AS the same is received with relative.
AND as per Strictly interpretation of Sec 139(1) , A person is required to filed his Return of Income if His income exceeds the BASIC EXEMPTION LIMIT before allowing him any exemption u/s 54 series and deduction u/c VI-A
Conclusion - Not required
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