Computation of income tax
This query is : Resolved
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
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
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.
.
.
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.
.
Message likes :
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26 June 2012
Thanks and i by some mistake entered the gold purchase details....
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