HOW MUCH AMOUNT IS EXEMPTED FOR GIFTING HARD CASH TO HUSBAND AND FROM SON TO FATHER IN INDIA

On two occasions during FY19-20, my son gave me hard cash first time Rs.1,55,000/- by breaking his term deposit in a nationalized bank in India from residential account (prior to converting the account to NRO) and removing cash and giving it to me and second time my wife gave hard cash Rs. 1,25000/- to create FD in my name as I have turned senior citizen in November 2019. she receives money in her bank account from our son in the US. (Total receipt Rs.280000/-)
I want to know how to treat these amounts to tax and file my return (ITR3 released on 1.8.2020). I have already filed my wife's tax return (ITR1) and the very next day IT dept modified Form 26 AS for my wife. They are now showing SFT004 (cash deposit) and SFT005 (term deposit) in her Form 26AS and SFT004 in my Form26AS.

Hi There,

If a person owns only one vehicle and he uses it to transport the goods and providing other services too a company.
Here my query is that whether he has to file return under 44 AD or 44AE.

Kindly provide your valuable answer.

Regards,
Sreenivasulu.y

Hi,
One of my client (Individual) had invested in the NCDs of Dewan Housing finance. However post their default, client has not received even the principle on maturity. Is there any benefit in Income tax that they can get against this loss? what are the relevant regulations?
Thanks,
Rohan

I find many resolutions to the same query from different Experts. finally, I get very confused, and as such my query becomes lengthy in my mind creating more questions. some answers are contradictory to each other, therefore, I request CAClub should rate the queries, so we know which is the correct one.

My son had an FD in Indian bank. son is working in USA.
This year he declared himself NRI in July 2020. prior to this, he got his account in a nationalized bank converted from regular to NRO in June 2020. Prior to conversion in Jan20, he closed an FD for Rs.154154/- and withdrew the cash and deposited to my account and I started an FD for the same amount. Can my son give me his money as gift without any tax implication?

dear sir, seller supply me goods without goods and some goods item taxable but mentioned in bill exempted.and officer detain the truck in transit and imposed 50%cgst+50sgst of goods cost under section 129.please advice me is it possible to impose 100 tax
with thanks

QUESTION WAS ASKED FOR THE F.Y. 2019-20 AND NOT F.Y. 2020-21. DIVIDEND EARNING SHOWS IN NSDL CAS BUT THE AMOUNT NOT RECEIVED IN CASH. WILL THE AMOUNT TO BE TAKEN IN MY TOTAL INCOME OR THE AMOUNT TO BE SHOWN AS EXEMPTED INCOME IN ITR FOR REPORTING PURPOSE ONLY?

A non blood related party (40yr tenancy) had illegally occupied 19 acres of land. Court Case went on for almost 16 years..now both parties want to compromise in Which the legal owner is parting of 9 acres of land to the other party through court registered compromise decree and selling the remaining 10 acres through sale deed

What's is the taxablility of land given through compromise decree (owner not getting any money)

Some one has submitted his return for the Financial Year 2018-19 but e-verified after due date so it has been pending for verification till date. Consequentially the return not processed till date, now can he submit a revised return in this case . If he can then the question is that can he enhance his Total Income and as well as his gross turnover of his business and pay tax at this time ?