disclosure of gift in income tax return
This query is : Resolved
22 July 2016
I have received 5 lacs from my father and purchased car from the said amt,whether I have to file itr and disclose in my itr even if my taxable income is below taxable limit
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22 July 2016
Its not necessary to file the return in this case but I recommend that you do.
You should file the return and show the exempted income of 5 Lakhs because the above transaction can come in the purview of A.I.R and hence a notice might be issued by the system to ask why you did not file the return. In response to the notice you can mention that expenditure was out of gifted/exempted income. But if you will have to respond then its better that you file the return.
[Receipt of cash payment exceeding two lakh rupees for sale, by any person, of goods or services of any nature is covered in A.I.R]
You should file the return and show the exempted income of 5 Lakhs because the above transaction can come in the purview of A.I.R and hence a notice might be issued by the system to ask why you did not file the return. In response to the notice you can mention that expenditure was out of gifted/exempted income. But if you will have to respond then its better that you file the return.
[Receipt of cash payment exceeding two lakh rupees for sale, by any person, of goods or services of any nature is covered in A.I.R]
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