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?
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.
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