Notice for non-filing of itr for ay 2011-12
This query is : Resolved
13 September 2012
Respected experts,
My father did not file ITR for AY 2011-12 for which he received a notice yesterday for non filing of ITR for AY 2011-12. His income was Rs 90,000/- from rental income, around 10000/- as bank interest and a total of Rs 3,00,000 as cash gifts from me. The cash gift was made through bank cheques. The gift deed is only on plane paper and not registered. So please help me how should he reply to the notice and what recourse he should take ? Is he liable to pay penalty ?
Thanks in advance.
My father did not file ITR for AY 2011-12 for which he received a notice yesterday for non filing of ITR for AY 2011-12. His income was Rs 90,000/- from rental income, around 10000/- as bank interest and a total of Rs 3,00,000 as cash gifts from me. The cash gift was made through bank cheques. The gift deed is only on plane paper and not registered. So please help me how should he reply to the notice and what recourse he should take ? Is he liable to pay penalty ?
Thanks in advance.
13 September 2012
no need to worry. on notice tick on income below taxable limit and send to ITD
14 September 2012
Thanks Vikas Sir for your prompt reply.
Sir will not the cash gift be added to the income ?
Fault on my part in stating the question, actually its a non-statutory letter and there is no column to tick for income below taxable limit.
Please help how to draft the reply to this letter.
Thanks in advance.
Sir will not the cash gift be added to the income ?
Fault on my part in stating the question, actually its a non-statutory letter and there is no column to tick for income below taxable limit.
Please help how to draft the reply to this letter.
Thanks in advance.
15 September 2012
There are two options to you
1) FILE THE RETURN of Income of your father stating in the fact of the letter "Return filed in response to Letter" declare Actual income as stated by you.
Another option is
2) Just draft a reply to the ward ITO and mention the following particulars.
PAN:
INCOME EARNED DURING THE PREVIOUS YEAR:
WARD where your father's assessment falls.
and clearly mention in that letter I have not filed my return of income for the Previous year ended "as my TOTAL TAXABLE INCOME" is below the limit as specified by the Income Tax.
With regard to Gift "in my opinion you have received it through BANK CHEQUE from father" no tax will be applicable as he is a source.
With regard to PENALTY: No penalty is applicable.
1) FILE THE RETURN of Income of your father stating in the fact of the letter "Return filed in response to Letter" declare Actual income as stated by you.
Another option is
2) Just draft a reply to the ward ITO and mention the following particulars.
PAN:
INCOME EARNED DURING THE PREVIOUS YEAR:
WARD where your father's assessment falls.
and clearly mention in that letter I have not filed my return of income for the Previous year ended "as my TOTAL TAXABLE INCOME" is below the limit as specified by the Income Tax.
With regard to Gift "in my opinion you have received it through BANK CHEQUE from father" no tax will be applicable as he is a source.
With regard to PENALTY: No penalty is applicable.
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15 September 2012
Thanks Sekar sir,
I gifted the money to my father through bank cheques.
Although the gifted money will not be taxable in his hands as he received it from me, his son but will it be included in his income ?
If included in his income, was he liable to file ITR as total income reacher around Rs 4 lacs ?
Again thank you very much sir
I gifted the money to my father through bank cheques.
Although the gifted money will not be taxable in his hands as he received it from me, his son but will it be included in his income ?
If included in his income, was he liable to file ITR as total income reacher around Rs 4 lacs ?
Again thank you very much sir
15 September 2012
Mr. Jai Yadav,
Gift is not a Revenue receipt and hence Not taxable. (it is not treated as income).
It should be included in his capital A/c only.
Whereas if he is not maintaining any books of accounts just prepare cash flow statement for future representations.
Thanks
Gift is not a Revenue receipt and hence Not taxable. (it is not treated as income).
It should be included in his capital A/c only.
Whereas if he is not maintaining any books of accounts just prepare cash flow statement for future representations.
Thanks
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