Gift
This query is : Resolved
17 April 2014
IF HOUSE WIFE GET CASH GIFT FROM HIS PARENTS/BROTHER/SISTER AND SAME ACCUMULATED AMOUNT DEPOSITED IN BANK. IT IS COMPULSORY TO SHOW IN HIS RETURN OR NOT?
Dintakurthi Tirumala
(Expert)
17 April 2014
The gift received from relatives is exempted to tax, so in case of she filing return of income then it has to disclose at the schedule EI of the Income tax return form.
You are saying the assessee is house wife means she may not have any taxable income so she need not to file income tax return.
If she not required to filing of return of income then you can't disclose it in income tax return(means not indicate to the IT Department), so if she receives any IT notice from the IT department requesting sources of deposit in savings bank account then reply to that notice such amount is received as gift from so and so with relation ship along with support of the evidence documents like gift deed etc... My suggestion is in your case she is not required to file any income tax return hence she didn't have any taxable income, so better to take gift deed from all the gift payers because of you gift is in liquidity, so for this gift only gift deed at the time of receipt of gift shall be evidence for gift. So take gift deed to avoid future problems from the IT department or others.
OM SAI SRI SAI JAI JAI SAI
You are saying the assessee is house wife means she may not have any taxable income so she need not to file income tax return.
If she not required to filing of return of income then you can't disclose it in income tax return(means not indicate to the IT Department), so if she receives any IT notice from the IT department requesting sources of deposit in savings bank account then reply to that notice such amount is received as gift from so and so with relation ship along with support of the evidence documents like gift deed etc... My suggestion is in your case she is not required to file any income tax return hence she didn't have any taxable income, so better to take gift deed from all the gift payers because of you gift is in liquidity, so for this gift only gift deed at the time of receipt of gift shall be evidence for gift. So take gift deed to avoid future problems from the IT department or others.
OM SAI SRI SAI JAI JAI SAI
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
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- GSTR9 Annual Return
- Employee secondment
- Ito add credit side of bank
- Applicability of tax on invoice
- Rectification under processing even after 6 months cpc portal
- Form 144 TDS Return Validation error
- GST ITC as per notification 12/2023- central tax
- Import of Capital Machine
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- 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
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- 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
