Filling it returns (Income Tax)

This query is : Resolved

raj

( Author )
30 June 2012

Hi,

i have married in November 2011 and now i want to file my wife returns.

can any one advice me...

1.gift received on marriage 2.60Lakh.
2.Cash received from grand father in 1996 is 50,000 and this 50k is given on interest.
now tht 50k is amounting to 7.5 lakh and also brought 400gms gold before 2005 by interst accruals.

Till date she has not filled any return and nw i hv to file for her .and the amount is given for interst in there city .

should i mention the gold also in the returns i file?

Please do mention hw i hv to file.

CA BIREN SHAH

( Expert )
30 June 2012

file income tax return by showing income of interest and gift received on marriage as exempt income..... no effect of gold purchased in it return.

Siddhartha Bhardwaj

( Expert )
30 June 2012

1. Gift received on marriage is exempt.

2. Interest earned on gift received from grandfather is taxable in the hands of your wife.

3. Purchase of gold is not to be declared in the return.

File ITR 1.