04 August 2017
my father always deposit 60000 to 70000 p.a in my a/c for my need . i have not any income . i forgot to submit form G to bank and bank deducted tds .i want to know that is it tax free because my friend suggest me that gift received in cash or kind from relative is tax free so my que. is -which itr form applicable on me and is there any tax implication
05 August 2017
For 60 to 70 thousands in a year income by Gift is non-taxable with some deed. For 60 to 70 thousands in account in whole year , TDS should not be deducted by bank. Still if bank has deducted , u can file ITR-1, column no. 26 ( exempt income in row having others --) ) showing this 60 to 70k as gift income and claim TDS deducted. TODAY 5TH aUG. 17 IS LAST DATE , SO DO IT NOW ONLINE.
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