Hi, My Parent gave 2 Lakhs rupee for emergency fund. I Have kept that money in FD. How to show that money to Income tax. If ITR is a way, under which categoriiy I should show.
CA. Kuldeep Singhi
(Entrepreneur)
(424 Points)
Replied 19 June 2013
This is to shown under income from other sources in ITR 4 in sheet named 'EI' i.e. exempt income & in 6th column named Others
kcagarwal
(chartered accountant)
(103 Points)
Replied 19 June 2013
If your parent has given you Rs 200000.00 as a gift, it is not taxable, and it should not be showh as a income, it is a addition to your capital., I am sorry to point out that the view of mr Kuldeep is no correct, because if the gift is received more than Rs50000.00 , from the RELATIVE, it is not taxable
C A K C AGARWAL , ALLAHABAD
CA. Kuldeep Singhi
(Entrepreneur)
(424 Points)
Replied 19 June 2013
Yes Sir it is exempt & capitalised but to validate this sought of gift transaction we generally use to show it in ITR 4 in exempt income so that no dought is created on how our capital got increased by such amount without any income of that amount.
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