Regarding filing of income tax return


no designation

one of my client received rs 14 lakh in his bank account through NEFT for the marriage of his son from his friend is he required to file the ITR and he have not deposit a pan number to the bank?

and could he covered in AIR(annual information return) which is filled by bank to IT department even though he not deposit his PAN to bank?

 
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Asst Mgr-Taxation

if  the client receive any notice then respond I think you need not file any ITR as it is a gift received for the marriage  more respnsibility is on the person giving the gift

 
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Chartered Accountant in Practice

Gift received on the occassion of Marriage of the Assessee is not taxable.

But here the amount is received on Marriage of his son.

The amount is neither received from Relatives but from his friends.

So my view is that the amount would be taxable and it is to be shown under Other Sources.


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a,awasaaeasyea Saw BH
 
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Asst Mgr-Taxation

Mr Karthik thanks for the reply 

 
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SIR, WOULD YOU PLEASE HIGHLIGHT THE TAX IMPLICATIONS ON THE MONEY RECEIVED FROM US FROM SON IN LAW TO THE MOTHER IN LAW IN INDIA. IS THERE ANY LIMITS FOR SUCH MONEY RECEIPTS FROM US
 
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Chartered Accountant in Practice

Any Sum of Money received from A relative is exempt from Income Tax.

Since Son-in-law is covered under the definition of relative, it wont be taxable. There is no limits on the amount that can be transferred.

 
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FILE ITR1 AND SHOW IT AS IFOS
 
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