Should i file itr
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 June 2012
Sir,
I employed in spouse's businees and getting remuneration below taxable amount.
But I booked a home in my name worth Rs. 25 lakhs approx and paid amount approx 8 lakhs during the financial year, this amount is arranged by gift from our relatives.
Que # 1: In this case should I file income tax return?
Que # 2: If I file income tax return which form is applicable and should I show the gift amount in the return?
Looking forward to soonest guidance.
Regards
Sudha
I employed in spouse's businees and getting remuneration below taxable amount.
But I booked a home in my name worth Rs. 25 lakhs approx and paid amount approx 8 lakhs during the financial year, this amount is arranged by gift from our relatives.
Que # 1: In this case should I file income tax return?
Que # 2: If I file income tax return which form is applicable and should I show the gift amount in the return?
Looking forward to soonest guidance.
Regards
Sudha
CA SHAH DILEEPKUMAR
(Expert)
07 June 2012
Ans. 1 You are not required to file your return if you don't have total income taxable.
Ans. If you file return, it should be filed in itr 1 [ Sahaj ). Gifts from relatives as prescribed in Act, you need not to show in the return since it is exempted from tax, it is not taxable.
Ans. If you file return, it should be filed in itr 1 [ Sahaj ). Gifts from relatives as prescribed in Act, you need not to show in the return since it is exempted from tax, it is not taxable.
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