26 November 2013
Assessee is a student rd Rs.5 lacs cash from father & deposited into his bank a/c and derived interest income which is not taxable income. Whether, assessee is liable for Rs.5 lacs. & has to file the return of income. pl. clarify.
26 November 2013
It is a gift rec from relative as defined u/s 56(2) so rs 5 lakhs is not taxable and int income if exceeds rs 2,50,000 p.a then need to file itr else not.
CAclubindia
