banner_ad

Computation of income tax

This query is : Resolved 
Profile Image

Profile Image

(Querist)
24 June 2012 A women assessee whose age is below 65years wants to file a return for AY 2012-13.
The following are the details
Income from Profession ( dance teaching) Rs. 1,30,000
Income from other sources (interest income) Rs.46,000
Gift from parents Rs.46,000.
Gold purchased Rs.1,20,000.

Here my doubt is Should i consider the gift and gold purchased or can i show it as exempt income and leave it for taxable income

Please clarify in this regard

Thanks
Profile Image

CA PARAS BAFNA

Profile Image

CA PARAS BAFNA (Expert)
24 June 2012 First of all you have to decide whether purchasing of any thing is called income?
.
Gifts received from parents are exempt and as such are not includible in the total income.
.
While filing her return take only 176000/-as her Total Income and she will not be liable for tax.
.
Profile Image

Vishnu

Profile Image

Vishnu (Querist)
26 June 2012 Thanks and i by some mistake entered the gold purchase details....
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
14 May 2026
Financial Analyst - Remote Finance Expert

HiringBridge

Ahmedabad

CA

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
ARTICLESHIP 17 May 2026
CA Article /Trainee

Malik Sunil & co

New Delhi

CA Foundation

View Details
Company
23 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
14 May 2026
Senior Accounts Executive

Karan Gupta & Co.

New Delhi

Graduate (Any)

View Details