Ecampaign income tax notice
This query is : Resolved
MAKARAND DAMLE
(Querist)
29 December 2022
Student studying in UK has received notice asking her to file Income Tax Return for AY 22-23
In her Form 26AS Interest on FD is shown which i will show as income under other sources
In form 26AS there are entries by HDFC and HSBC Bank under TCS u/s 206CQ. She has trfd funds from her india account to UK account. Funds have been trfd from her parents. TCS is not deducted since amount is below threshold limit
My question is whether above gross amount shown u/s 206CQ needs to be shown anywhere in income tax return ?
In her Form 26AS Interest on FD is shown which i will show as income under other sources
In form 26AS there are entries by HDFC and HSBC Bank under TCS u/s 206CQ. She has trfd funds from her india account to UK account. Funds have been trfd from her parents. TCS is not deducted since amount is below threshold limit
My question is whether above gross amount shown u/s 206CQ needs to be shown anywhere in income tax return ?
Dhirajlal Rambhia
(Expert)
29 December 2022
As such better to treat it as gift and declare it under exempt income..
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