Income tax for gifted amount

This query is : Resolved

Ritesh (Querist)
Follow

23 October 2017 Dear Sir,
My Brother have booked Flat in Pune city.
Flat cost is 10 L Rs more than his expected Budget.
So our 5 Relative(MOM,Dad,Cousin brother,Uncle) have decided to help him by giving 2L each.
Builder and Loan provider bank are not allowing him to give CHEQUE from relatives account.
They have suggest him to ask relative to transfer amount on his account and he can give than from his account .
Will it create any problem ? If he need to declare this amount while filling ITR ?

RAJA P M

RAJA P M (Expert)
Follow

24 October 2017 No more Tax... It's exempted..
Also he ll be show it in his ITR as Exempted

Ritesh

Ritesh (Querist)
Follow

24 October 2017 Dear sir ,
Thank you for reply.
Will it create any problem? Cab incom tax dept send notice ?

RAJA P M

RAJA P M (Expert)
Follow

24 October 2017 1. No.. No more problems 2. No... He just add the details in his ITR as Exempted... Also it's Bank payment so no more questions...

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
Follow

25 October 2017 As long as there is no cash transfer and your brother mentions the amount received from relatives in Exempt income details in his ITR no problem will arise

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now