Tax on gift

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This query is : Resolved

NASIM AKHTAR (Querist)

12 January 2016 Respectable Experts, A person received salary Rs 331560 and Rs 750000 as a gift from his father. Now he wants to pay tax online.Is it mandatory to show both amount in Itr 1. It may be noted that his father has paid tax of the aforesaid second amount i.e 750000.

CA Shyam Agarwal

CA Shyam Agarwal (Expert)

12 January 2016 1. Since Gift was received from his father (Relative) so it is not taxable in hand to son.
2. In ITR 1 no specific column for shown to IT Department that during the year assessee received gift. It would be better to draft a gift deed for future reference.

2.

NASIM AKHTAR

NASIM AKHTAR (Querist)

12 January 2016 Respectable Sir, Thanks for reply.One more query relating to the mentioned issue. The stated person has purchased land from the gifted amount and he received a notice from his AO.What should he do now?Please help.

CA Shyam Agarwal

CA Shyam Agarwal (Expert)

12 January 2016 plz complete your query that what is mentioned in the notice. provide the section of notice issued

NASIM AKHTAR

NASIM AKHTAR (Querist)

12 January 2016 What is mentioned in the notice is:- "The information available with this office,it is being established that you had purchased the immovable property on-------vide registration no-----from shri------on fair market value at Rs.745000.It is here to mention that the above transaction comes under income tax from other sources vide purview of section 56(2)(vii)(b) of IT act." In the notice following informations have been asked to furnish:- 1.Purchase Deed 2.Source of investment 3.Copy of filed return. 4.What amount you have paid as income tax.

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