Return filing

my father sold his land and amount transfered to my account.Father filed ITR showing this income.But Since I am not filing return will department snd me a notice regarding the source of amount credited to my account?
Replies (4)
Quick Summary
If your father transferred funds from selling his land into your account and has already declared it as income on his tax return, you generally won't need to pay tax on it yourself. The law prevents double taxation. However, it's possible you might still receive a notice from the tax department regarding the source of the funds. You can respond to this notice by explaining the transaction and referencing your father's tax filing.

No need to show in your income, as per law no double taxation, for that income already income tax paid by your father.
But if notice comes what to do
Notice will definitely come but you can reply the notice as per your transaction and your father CG income. you do not need to pay tax as your father already filed IT returnfor the same
Ok thank u

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register