I.t. return filed below taxable limit in f.y. 2018-2019
Kollipara Sundaraiah (B.com) (2963 Points)
13 March 2020A person I.t. return filed f.y.2018-2019 compulsory at the end of March,2020.
Kollipara Sundaraiah (B.com) (2963 Points)
13 March 2020
CA Naveen Chand
(Chartered Accountant)
(12729 Points)
Replied 14 March 2020
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
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)