25 March 2017
Suppose Nephew a salaried person (outsourced on contract not permanent)= total taxable salary= 1.5 lakh in F.Y.2016-17 and nephew get a gift from Uncle (Father Brother) in F.Y. 2016-17 by cheque and cash of Rs. 1.10 lakh and further Nephew get interest by saving and Fd from gifted amount .
Want to Fill ITR of F.Y. 2016-17.
1. which ITR used = ITR 1 or ITR 2.
2. how to show gift of Rs.1.10 lakh in which section of ITR1 or ITR2.(Note= Some C.A. says Nephew have to fill ITR-1 because Nephew is a salaried class because as per my search on internet if your exempt income more than Rs.5000 (Rs.1.10 lakh from gift is a exempt income or not) you have to fill ITR 2.Please clarify the situation. Nephew is on contract bases no form 16 issued to employee only outsourced employer give cheque which is deposited in bank and salary slip is also not given.
3. Bank FD interest and saving interest of gifted amount shown in which column of which ITR = ITR1 or ITR2 of Nephew.
4. Nephew has some shares gifted of Rs.2000 from uncle (Father Brother) in Year 2012-13 but on that time Nephew not filing of return because he is unemployed (below taxable limit) and now Nephew want to show gifted shares in F.Y. 2016-17 in which ITR = ITR 1 or ITR2 under what section .
5. Nephew getting dividend from equity shares is exempted under 80 C or not (if not which section)shown in which ITR = ITR1 or ITR2
26 March 2017
1 File ITR 1. 2 ITR 2 is agricultural income exceed 5000. In this case ITR 1 can be filed. 3 Show interest income under income from other sources. 4 Earlier gifts need not be shown in the current year that too a small amount. 5 Divided from equity shares is exempt, Show it under exempt income.
26 March 2017
But in this reply i do not find how to show Rs. 1.10 Lakh gift of (cash and cheque) from (Father Brother) in F.Y. 2016-17 of which ITR1 or ITR2?
Note= Some C.A. says Nephew have to fill ITR-1 because Nephew is a salaried class because as per my search on internet if your exempt income more than Rs.5000 (Rs.1.10 lakh from gift is a exempt income or not) you have to fill ITR 2.Please clarify the situation. Nephew is on contract bases no form 16 issued to employee only outsourced employer give cheque which is deposited in bank and salary slip is also not given.
27 March 2017
Show the gift of 1.10 lac under exempt income in ITR 1. Filing of ITR 2 is required only when agricultural income under exempt income exceed 5000.
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