GIFT TO MOTHER - ITR HAVE TO BE FILED
This query is : Resolved
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19 July 2022
Dear Sirs
One of my friend has sold a property (Flat) during FY 2021-22. He has filed ITR2, having a long term capital loss for the sales made.
Out of the proceeds received from sale of property he has gifted Rs.20 lacs to his mother being a senior citizen. This was deposited in her bank account during FY 2021-22. She has invested the same in some shares during the same year.
Now, whether his mother (Sr Citizen) have to file ITR. She has no other income.
Kindly advice.
Thanks.
One of my friend has sold a property (Flat) during FY 2021-22. He has filed ITR2, having a long term capital loss for the sales made.
Out of the proceeds received from sale of property he has gifted Rs.20 lacs to his mother being a senior citizen. This was deposited in her bank account during FY 2021-22. She has invested the same in some shares during the same year.
Now, whether his mother (Sr Citizen) have to file ITR. She has no other income.
Kindly advice.
Thanks.
19 July 2022
File nil income ITR showing exempt income schedule 20 lacs as gift from son.
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19 July 2022
Thank you sir.
Is there any limit for showing under exempt income.
Is there any limit for showing under exempt income.
19 July 2022
No limits. Otherwise notice will be issued from income tax department in view of 20 lacs deposit
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