Gift received from relatives
This query is : Resolved
21 December 2013
Dear Sir,
I received Jewellery from Father-in-Law during marriage, i know that it is exempt from tax.
But the question is that my father-in-law has not disclosed this jewellery in his return. So it comes from unaccounted income earned by him.
If the deppt askes me about the source of Jewellery, then my Father-in-law will be in trouble..So how can i save him from investigation?
Thank You.
I received Jewellery from Father-in-Law during marriage, i know that it is exempt from tax.
But the question is that my father-in-law has not disclosed this jewellery in his return. So it comes from unaccounted income earned by him.
If the deppt askes me about the source of Jewellery, then my Father-in-law will be in trouble..So how can i save him from investigation?
Thank You.
21 December 2013
so you also hide it!!! thats is the only way to save ur FIL. if you declare then your FIL will definitely hit by Section 69!!
21 December 2013
Nikhil, so that means that all gifts given by donor are all Recorded ones.
Koi aur option nai hai kya ?
Koi aur option nai hai kya ?
21 December 2013
abhishek Bhai,
1. as far as the receiver is concerned, it is duty to atleast record the details of the giver.
2. I cannot comment on source of each and every gift. Neither can any of the receiver can.
3. However, in your case you need to cover your FIL. But you cannot introduce black/undeclared money into system through gifts!!
4. That is why in marriages, a proper record is created as to who gave what. I don't know what people do these days. But it was practice earlier. The whole logic of exempting cash/bullion gifts from relatives was that it is already covered under tax of the relative. At no point of time it was to be opened as a gateway for black/undeclared money!!
1. as far as the receiver is concerned, it is duty to atleast record the details of the giver.
2. I cannot comment on source of each and every gift. Neither can any of the receiver can.
3. However, in your case you need to cover your FIL. But you cannot introduce black/undeclared money into system through gifts!!
4. That is why in marriages, a proper record is created as to who gave what. I don't know what people do these days. But it was practice earlier. The whole logic of exempting cash/bullion gifts from relatives was that it is already covered under tax of the relative. At no point of time it was to be opened as a gateway for black/undeclared money!!
21 December 2013
and whatever options you may execute, at the end of it, it is a untaxed income!! And I don't advise friends/client on tax evasion!!
21 December 2013
Thank You Nikhil.
Appreciated !!!
Appreciated !!!
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