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
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 :
1 times
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
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Fixe term employment
- Is any professional CA is here please reply
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Putting a heading on received mail
- Section 50-fixed asset-->building ceases to exist
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Gift Received from nonblood relative
- Experts need help
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
