I have received a notice from IT regarding non-filing of ITR for the financial year 2013-14 and asked to submit my response in Compliance Module of ITax website for e-filing. I didn't filed the ITR for 2013-14 because my income was below the taxable limit of Rs.1.90 lakhs. The following transactions were done by me during 2013-14 :
1.. During 2013-14, I was a housewife. My husband, who is a ITax payee, gifted me Rs.11 lakhs for purchase of Tax Free Bonds, which I did. All transactions were through online bank transfer. This was gift amount from my husband and was, therefore, a capital reciept and also exempt from income tax. Hence there was no need to show that as an income or to mention it in ITR ? Please comment whether my presumption is correct ?
2. I received Rs.82000 from interest on FDs and Savings Bank and Rs.22000 of capital gains from sale of shares.
Please advise me whether the above facts can be mentioned in compliance module of ITax website and submit my response indicating that I was not required to file ITR because of the above reasons.
CAclubindia
