Amount received as gift from parents and non disclosure of the same in ITR

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A major son received a £19 lakh gift from his parents via cheque, with a gift deed prepared. His only income is bank interest below £3 lakh, and he submitted Form 15 to avoid TDS. The son hasn't filed an Income Tax Return (ITR) as his income is below the threshold. The query seeks advice on whether an ITR is necessary, the consequences of not disclosing the gift if an ITR is filed, and if declaring gifts invites IT Department queries.

SHARMA

SHARMA (Querist)

24 July 2024 have given 19 lacs through 2 cheques of Rs 9.50 lacs each as gift to my son who is major. He has no other income except interest received from banks. Interest income is below 3 lacs. No TDS WAS DEDUCTED BY BANK BECAUSE FORM 15 WAS GIVEN TO BANKS. Gift deed was prepared. He has not filed ITR because his interest income is below 3 lacs and no tds deducted by bank.
Kindly advise
1) whether ITR should be file and
2) what will happen if he don't disclose gift amount in ITR if he file ITR.
3) Sir, whether it is true that if some one declared GIFT amount in his ITR, then lot of queries raised by IT Deptt as told my CA?
PLEASE CLEAR THE ABOVE POINT WISE. I WILL HIGHLY OBLIGED SIR.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

25 July 2024 1. Yes, if aggregate income is more than 2.50 lakhs.
2. Always better to disclose it. Being exempt income no specific harm on non-disclosure.
3. No.

SHARMA

SHARMA (Querist)

25 July 2024 Sir Thanks for your valuable advise. I am highly obliged.
Sir, aggregate income more than 2.5 lacs or 3 lacs. As per new tax resime tax liability upto 3 lacs is zero.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

25 July 2024 You are welcome.
For Sec. 139(1) the limit specified is lower of two.

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