Regarding amount received from parents as gift

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A major son received a monetary gift from his parents, with a gift deed prepared. His only income is bank interest below £3 lakh, and he hasn't filed an ITR as it's below the threshold and no TDS was deducted due to Form 15. The discussion seeks advice on whether he should file an ITR, the consequences of not disclosing the gift, and whether disclosing it would indeed trigger IT department queries as advised by his CA.

SHARMA

SHARMA (Querist)

24 July 2024 Sir
I have given some amount as gift to my son who is major. He has no other income except interest received from banks. Interest income is below 3 lacs. Gift deed was prepared. He has not filed ITR because his interest income is below 3 lacs. Kindly advise whether ITR should be file and what will happen if he don't disclose gift amount in ITR.
No tds was deducted by bank because form 15 was given.
No reporting in AIS appearing regarding gift amount.
1)should ITR be filed?
2) if I file ITR and don't disclose gift amount, what will happen?
3) my CA is advising that don't disclose gift amount in ITR and saying if the same will disclose then lot of queries will be raised by IT Deptt. Is it true?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

24 July 2024 If bank has deducted any TDS over the interest, or if any reporting exists in AIS, it is better to file ITR.

SHARMA

SHARMA (Querist)

24 July 2024 Sir no tds was deducted because form 15 was given. Secondly no reporting in AIS regarding gift amount.
Sir whether it is true that if someone disclose gift amount in ITR, then lot of queries will be raised by IT Deptt.? My CA IS SAYING IT. IS IT TRUE?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

25 July 2024 No, it is not true.

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