Will excempt Income like Gift from Father, Shares Dividend if not shown in ITR will also be penalized 49.1% under Income Declaration Scheme?
Wae Jing Lonthaw
Replied 28 January 2017
|Originally posted by : Dhirajlal Rambhia|
I read somewhere that if Gift is above INR 50,000 in a Financial Year then its taxable. I want to know if Gift from father is above INR 50,000 in a Financial Year then its taxable?
And attracts penalty under Undisclosed Income Sceheme if not shown in ITR?
Can a Qualified CA PM me for fast consultation with fee paid here?
Gift from Father (being relative as per IT act), is exempt, be whaterver amount.
No penalty for its non-disclosure, but explainable/justifiable whenever queried.
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