Gift in cash from father
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 March 2014
Hello expert,
I received sum on money in cash from my father in 2011-12, but no gift deed was prepared. I had purchased plot from that money in cash. What it will impact to file return of F.Y. 2011-12 and 2012-13?
I received sum on money in cash from my father in 2011-12, but no gift deed was prepared. I had purchased plot from that money in cash. What it will impact to file return of F.Y. 2011-12 and 2012-13?
26 March 2014
The Gift Deed must b formed for gift received by u from ur father.. If u purchased the plot in cash and the amount exceeds Rs 20000/- then the whole amount will b disallowed & added back to ur income resulting in increase in Tax..
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
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
