Amount given to father during an emergency
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 May 2016
Dear Sir,
I paid 2 lakh to my father one year before as there was some operation he had to undergo and he needed the money, so I transferred that to his account, After one year he returned that money to me. There was no interest that he paid me. I paid him 2 lakh and after one year he returned 2 lakh.
I did not show this amount in my ITR. my fathers passbook shows that the amount he received from me and my bank passbook shows that I received the same amount from him. So If my return is selected for scrutiny, will I have to pay any tax or penalty. This is not a income so I did not show it in ITR. was it wrong on my part not to show this in ITR?
Please advice. .
I paid 2 lakh to my father one year before as there was some operation he had to undergo and he needed the money, so I transferred that to his account, After one year he returned that money to me. There was no interest that he paid me. I paid him 2 lakh and after one year he returned 2 lakh.
I did not show this amount in my ITR. my fathers passbook shows that the amount he received from me and my bank passbook shows that I received the same amount from him. So If my return is selected for scrutiny, will I have to pay any tax or penalty. This is not a income so I did not show it in ITR. was it wrong on my part not to show this in ITR?
Please advice. .
31 May 2016
no, tax will be applicable, you are giving by bank transaction, and you can gift the amount to your father and father can give to son, relative can give interest free amount.
Message likes :
1 times
31 May 2016
No need to worry... no tax will be levied on the same. In case your ITR is selected for scrutiny, you just produce the copy of passbook to AO. In case you want more evidence, you can also execute an loan agreement or gift deed in this regard
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Difference between Date of Payment and Date of Deduction?
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Unregistered suppliers utility
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- FCRA 6 E- Intimation
- Bank details not Visible on Traces Portal
- Taxability of Partnership firm for FY 2025-26
- The TDS balance for March 26 shows a mismatch between the books and the portal; what should be done
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
