ITR filing from salary&Remittance under LRS (u/s 206C(1G(a))) Rs.13125/-

Save Share

This query is : Resolved

Quick Summary

This discussion addresses a query regarding the taxability of a Rs. 80,000 remittance received from a friend into a salary earner's bank account. While the remittance is shown as Rs. 13,125 under LRS (u/s 206C(1G(a))) in the AIS report, the advice clarifies that income from a friend is taxable under 'Income from Other Sources'. However, if the remittance were from a close relative, it would be exempt. The recommended ITR form for filing is ITR 2, and the TCS amount for LRS can be claimed as a credit.

M KRISHNAIAH

M KRISHNAIAH (Querist)
Follow

18 July 2022 Sir/madam,
One of my friend have the income from salary & his relative remitted , Rs.80000/- amount in his bank account from abroad , this is showing in AIS report as remitted 13125/- under LRS (u/s 206C(1G(a))), it taxable or not? which ITR he can choose for filing.

Thank you.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

18 July 2022 1. Yes, any consideration received from friend is taxable u/h. IFOS, but exempt if received from close relative.
2. TCS u/s. 206C[1G(a)] for LRS of Rs. 13125/-can be claimed in ITR
3. File ITR 2.