22 July 2016
I have received 5 lacs from my father and purchased car from the said amt,whether I have to file itr and disclose in my itr even if my taxable income is below taxable limit
22 July 2016
Its not necessary to file the return in this case but I recommend that you do. You should file the return and show the exempted income of 5 Lakhs because the above transaction can come in the purview of A.I.R and hence a notice might be issued by the system to ask why you did not file the return. In response to the notice you can mention that expenditure was out of gifted/exempted income. But if you will have to respond then its better that you file the return. [Receipt of cash payment exceeding two lakh rupees for sale, by any person, of goods or services of any nature is covered in A.I.R]
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