Taxability of gift
This query is : Resolved
DHARMENDRA SHARMA
(Querist)
18 July 2012
Sir,My one friend is going to file his income tax return first time.He has taxable income from salary.Also,His father has gifted him 30000 Rs. in cash but his father has no income tax file as he is a farmer.
I want to know whether it is compulsory for him to have income tax file.Also,whether he should mention the gift income in other sources income or not as it is below 50000.If not,Than can he show the gift income in capital a/c?
One last question,As it is his first time return,from where he should take the opening balance of capital a/c?
Thanks in advance..
I want to know whether it is compulsory for him to have income tax file.Also,whether he should mention the gift income in other sources income or not as it is below 50000.If not,Than can he show the gift income in capital a/c?
One last question,As it is his first time return,from where he should take the opening balance of capital a/c?
Thanks in advance..
CA.Sourabh Sethia
(Expert)
19 July 2012
No its not compulsory to have income tax file
and the gift need not be disclosed in the return since it is not taxable
and the gift need not be disclosed in the return since it is not taxable
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Taxation of crypto futures in India Fy 2026- 2027
- Issuing of delivery challan by seller of goods
- EPF ECR NEW RULES Sep 17th 2026
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
