Tax on cash received from father
This query is : Resolved
Lakshman kothinti
(Querist)
23 April 2015
one of the student received cash (through bank account) from his father for educational purposes ... the amount received from his father is exceed 10 lakhs in a financial year ... and he got notice from income tax department for non filing of income tax return.but the student have no source of income..
23 April 2015
Yes the notice has been received on account of cash exceeding Rs. 10 lakhs in his savings bank account. The student may explain in response to notice that he is a student and does not have any independent source of income and received Rs. 10 lakh for education purposes from his father.
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