Itr-1
This query is : Resolved
22 July 2012
sir, my parents make gift to me of rs. 300000
so waht to show in my parents itr.
and how to show it and i which head
and also where to get unique tds certificate no. is it available online.
so waht to show in my parents itr.
and how to show it and i which head
and also where to get unique tds certificate no. is it available online.
CA PARAS BAFNA
(Expert)
22 July 2012
Gift received from parents is exempt from tax.
.
In parents return it will not directly appear. In case your parents are filing ITR 4 then it will appear indirectly in the form of a reduced balance of Capital Account in the Balance Sheet.
.
The unique TDS Certificate No is generated when we file an e-TDS Return and download Form 16A text file from the NSDL website.
.
.
In parents return it will not directly appear. In case your parents are filing ITR 4 then it will appear indirectly in the form of a reduced balance of Capital Account in the Balance Sheet.
.
The unique TDS Certificate No is generated when we file an e-TDS Return and download Form 16A text file from the NSDL website.
.
Message likes :
2 times
SANYAM ARORA
(Expert)
22 July 2012
Dear Paras sir if his parents are individual will it be reflected in their ITR and what about the person who has received the gift ?
Message likes :
1 times
CA PARAS BAFNA
(Expert)
22 July 2012
@ Sanyam Arora
.
Only Individuals can be parents.
.
In the return of income, which is nowadays is being called as an ITR, there is no suitable place to specify the gifts made, as far as the return of the donor is concerned.
.
You can not show it even by way of showing first as Income and then Less: Exempt.
.
When a parent gifts his assets reduces and
the corresponding effect is reflected in his/her Capital Account. As such, the impact of gift is compensatory in nature and its effect can only be perceived, it can not be shown.
.
.
Only Individuals can be parents.
.
In the return of income, which is nowadays is being called as an ITR, there is no suitable place to specify the gifts made, as far as the return of the donor is concerned.
.
You can not show it even by way of showing first as Income and then Less: Exempt.
.
When a parent gifts his assets reduces and
the corresponding effect is reflected in his/her Capital Account. As such, the impact of gift is compensatory in nature and its effect can only be perceived, it can not be shown.
.
Message likes :
1 times
SANYAM ARORA
(Expert)
22 July 2012
Thanks a lot sir
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