Hi, I Have sent an almost considerable amount of my earnings to my mother's bank account for her day to day expenditure.. she filed her income tax form showing interest from that amount also but she did not Declare it under exempt income ( gift received from relative = that is SON). Will she face any consequences in future for this? along with penalty and interest?
Note:- I have transferred it via IMPS mode only not CASH. also, there is no Notarised gift deed made for this purpose.
Thanks
No need to worry at this stage. At the most query may be raised, at that time such things can be clarified.
But there won't be any penalty or interest.
| Originally posted by : Dhirajlal Rambhia | ||
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No need to worry at this stage. At the most query may be raised, at that time such things can be clarified. But there won't be any penalty or interest. |
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Ok thanks
My Pleasure..
CAclubindia
