Computation of income tax

This query is : Resolved

Vishnu (Querist)
Follow

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

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

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.
.

Message likes : 1 times

Vishnu

Vishnu (Querist)
Follow

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

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok