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Query on Funds Got from Abroad and Agricultural Income

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Patricia (C.S.- Professional)

sdd

57 Points Posted on 29 June 2009

Dear All,

I have two queries from one of my friend . Pl answer and Thanks in Adv.

1. My friend's father has got a fund of Rs. 3.50 lacs as loan from his relative in UK for study of his daughter in UK which is to be paid back after getting a job/service in UK to him. His father has to file ITR now and How he 'll treat this receipt of Rs. 3.50 Lacs in his ITR.

2. I have got Rs. 5.50Lacs as gift from my mother whose income source is farming and agriculture. Since, she is Not filing any ITR how I 'll show this Receipt in My ITR and is my mother mandatorily liable for filing of I.T.R. ?

Cheerio !!!

Replies (1)

Guest

Posted on 30 June 2009

Hi Patricia,

Since you received Rs. 5.5L from your mother, it will not be taxable in your hand since you received it from a relative(sec 56). Cheers!!

Incase of filing return by mother is not mandatory if her taxable income does not exceed max. tax free limit i.e. Rs. 2.25L if she is senior citizen otherwise Rs.1.85L (sec 139).