banner_ad

Taxability of gift

This query is : Resolved 
Profile Image

Profile Image

(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..
Profile Image

CA.Sourabh Sethia

Profile Image

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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
14 May 2026
Senior Accounts Executive

Karan Gupta & Co.

New Delhi

Graduate (Any)

View Details
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
ARTICLESHIP 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details