Hello Professionals, Please help with your expertise. My Father sold a house property in Pune in December 2014. He then transferred Rs. 8.5 Lakhs to me to my bank account. I am investing the same in my pvt ltf company as Subscripttion Capital.
Is there any provision in IT Laws under which I can avoid paying Income Tax on this Rs. 8.5 lakhs? Can I show this as a gift received from Father (relative).
If yes, where in the ITR Form should I mention this?
An early reply from experts here will be highly appreciated. Thanks in advance
Dr. Anand Wadadekar
Founder Director & CEO of Discovering Careers India
CAclubindia
