I have dowloaded form 26AS for AY 2017-18 but my tds is deducted from April2016- January 2017. TDS for February and march 2017 is not deducted due to lower salary. And i have two bank account, my brother send me money to my bank account through neft for every month. My question is:-
1. Will the gross salary for February and march 2017 also be counted for ITR filing?
2. Which ITR form should be used and how to treat the money receive from my brother?
| Originally posted by : Peeyush Chaturvedi | ||
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1. The full 12 month salary will be taxable in your hands. 2. ITR-1 will be applicable in this case and the money received from your brother can be treated as gift and hence exempt. However, the income earned from those transferred funds in your account will be taxable in your hands. |  |
So, will I exclude the money received from my brother in ITR filing and if rerqired to include this, how to file?
| Originally posted by : Peeyush Chaturvedi | ||
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You are not required to include this money in your ITR, however as if you are earning an interest income on that money in your bank account so that should be included in your income. | |
That means I don't need to declare the money received from my brother in ITR filing or will I declare it as money received as gift?
Thank You.
CAclubindia
