gift tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 August 2010
dear sir,
my mother in law gifted my wife Rs. 1000000/- by cheque. how to show the same in itr4 and under which section should i claim rebate.
also i do tuitions and have income of 160000/- per annum, am i liable to pay service tax. and on which itr form should i file my return. i presently file in itr4
my mother in law gifted my wife Rs. 1000000/- by cheque. how to show the same in itr4 and under which section should i claim rebate.
also i do tuitions and have income of 160000/- per annum, am i liable to pay service tax. and on which itr form should i file my return. i presently file in itr4
08 August 2010
Mother in law is the lineal ascendant of your spouse. So the gift is exempted from income tax vide clause (vi) of explanation to section 56(2) of the Income tax Act,1961.
The amount received as gift has to be shown in clause 6 of schedule EI of ITR 4.
Since the value of services is less than the threshold limit of Rs. 9 lakhs service tax registration is not mandatory. However for want of full details applicability of service tax cannot be fully examined.
The amount received as gift has to be shown in clause 6 of schedule EI of ITR 4.
Since the value of services is less than the threshold limit of Rs. 9 lakhs service tax registration is not mandatory. However for want of full details applicability of service tax cannot be fully examined.
08 August 2010
agreed gift amount is exempted from Income tax & for s.t registration your turnover has to be 9-10 lacs otherwise no need to register.
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
- STCG....................................................
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- TAN for Partnership
- Sales return eway bill
- Treatment of Pension ?annuity returns on PMVY
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Taxation on LTCG for property sold after 24JUL2024
- GST Registration Horse racing
- Small dealers gst returns filing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- 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
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
