Filing Of Income Tax Return

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student and entrepreneur
137 Points Posted on 18 June 2020
Is Filing Income Tax Return Is nessesary if only GIFT income
( of 11 Lakh ) in form of Cheque Received from Grandfather , No other Income during Financial Year 2019-20 ,
If Yes Which ITR Form is to be used ?
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On 18 June 2020 at 12:21 Report
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This discussion clarifies whether an income tax return is necessary when receiving a £11 lakh gift via cheque from a grandfather, with no other income. While gifts from relatives are generally exempt under Section 56 of the Income Tax Act 1961, filing ITR 2 is advisable for clarity. The gift being paid by cheque from a taxed source (the grandfather) further supports its exemption.

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Student
1321 Points Posted on 18 June 2020
Filing is advisable use ITR 2
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On 18 June 2020 at 15:01
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295 Points Posted on 18 June 2020
In the case of gift , you do not need to file your income tax return. bcz your grand father pay you by cheque and this amount already taxed by your grandfather. Gift under relatives is totally exempted. see section 56 of income tax act 1961.
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On 18 June 2020 at 17:20

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