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It return have to file housewife

18 February 2013

Dear Sir/Madam,

My mother (56 Years old) is a housewife & have 5 lakh deposit in her saving account which she has got after selling of her jewellery because she has no other source of income so she wants to invest that money in Fixed Deposit in Banks.

So please advice me should she have to file IT return or not.

And also advice me how she can save TDS if its applicable of FD.

can She fill form 15G or not

Thanks

Albert Desouja

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10 Replies

(Guest)

You will have to calculate Capital Gains on sale of jewellery. If Capital Gains exceeds the basic exemption limit (Rs. 200,000 for resident woman below 60 years of age for AY 2013-14), then she will have to file Income tax return. If the gain is less than above limit, no need to file IT return. She can invest money in FD and submit form 15G to the bankers provided the total income earned by her including interest income from FD does not exceed 2 lacs and no tax is payable. If tax has already been deducted by bank, then she will have to file IT return to claim refund.

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Albert Desouja (B.Com) (78 Points)
Replied 24 February 2013

Dear Sir,

Thanks for your reply. As you advice me we have to calculate capital gain on the sale of jewellery if it exceed the limit then file Return.

But could you please guide me how can we calculate the capital gain because I think it require buying price of the current selling jewellery. And my mother has got these jewellery from her in laws 20 to 25 years back and she have no receipts.

Now please advice me what should we have to do.

PALASH (Nothing) (2000 Points)
Replied 24 February 2013

DEFINITELY , I TOTALLY DISAGREE & ALSO DISAPPOINTED FOR SUCH A WEAK & IMMATURED ADVICE OF MR PANKIT SHETH, & I THINK MR SHETH IS NOT FULLY AWARE OF THIS MATTER THAT AS FAR AS LATEST IT DEPT' CIRCULAR IS CONCERN,

" PANHOLDERS IS NOW MANDATORY TO FILE IT RETURN OTHERWISE READY TO FACE TO IT DEPT & CENTRAL GOVT. ALSO URGES TAXPAYERS TO DISCLOSE TRUE INCOME & INVESTMENTS , OTHERWISE ASSESSEES MAY BE IN A HUGE BIG TROUBLE "

AND ALBERT DESOUJA , WHY DON'T YOU UNDERSTAND THAT IF YOU MOTHER ALREADY INVESTED INTO BANK AND IF YOU DON'T WANT TO DISCLOSE RELEAVNT SOURCES FROM WHICH THE INVESTMENTS WAS DONE , THEN IN THAT CASE , IT DEPT WILL THINK, THAT YOU HAVE A HUGE AMOUNT OF BLACK MONEY,

THEREFORE , I ADVICE YOU, IMMEDIATE FILE A IT RETURN, BY SHOWING A PERSONAL BALANCE SHEET OF YOUR MOTHER EITHER MANUALLY OR ONLINE.......

SO, THE ONLY THING WHICH I WANT TO SAY, THAT " IMMEDIATE FILE IT RETURN , EVEN IF YOUR MOTHER'S INCOME BELOW TAXABLE LIMIT "................

Thanking You,

PALASH RAKSHIT.

(Guest)

Yes Mr. Palash Raksh*t, I am not aware of this matter. Can you please provide the IT circular no. which says that all the PAN holders are required to mandatorily file IT return

CA Ankit Totla (Practicing Chartered Accountant) (469 Points)
Replied 27 February 2013

I do not agree with CA Palash Raksh*t.. I understand that you are refering to the NEWSITEM https://timesofindia.indiatimes.com/business/india-business/Income-tax-department-to-quiz-PAN-holders-not-filing-returns/articleshow/18448256.cms However, there is no such circular issued by the IT department.

Also coming to the basic Section 139 which read as under : 53139. 54[

(1) Every person55,—

(a) being a company 56[or a firm]; or

(b) being a person other than a company 56[or a firm], if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax, shall, on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed

It is evident that the Act requires persons to file return if the income exceeds the basic exemption limit.

Coming back to the news item you have been referring, It says that the department has data collated from various AIR returns that people liable to file return have not been filing and they have been sending notices to such defaulters.

Request not to mix news item with circulars and if you have a circular then please share the same as it would be helpful.

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(Guest)

Thanks Mr. Ankit for your analysis. Even I had the same view.

Mr. Palash, you should first study and consult, if required before making such bold & derogatory remarks.

CA Ankit Totla (Practicing Chartered Accountant) (469 Points)
Replied 27 February 2013

its a request to all the members of the CA family to post things carefully on a public domain..!!

Albert Desouja (B.Com) (78 Points)
Replied 31 March 2013

Please advice me if the capital gain on sold gold jewellery is 256000 after calculation then my mother have to file income tax returns and have to pay capital gain tax 20% on 56000 = 11200 (256000-200000 = 56000) because as per the income tax basic exemption limit is Rs. 200,000 for resident woman below 60 years of age for AY 2013-14.

Please reply me accordingly.