Which itr used

Suppose Nephew a salaried person (outsourced on contract not permanent)= total taxable salary= 1.5 lakh in F.Y.2016-17 and nephew get a gift from Uncle (Father Brother)  in F.Y. 2016-17 by cheque and cash of Rs. 1.10 lakh and further Nephew get interest by saving and Fd from gifted amount .

Want to Fill ITR of F.Y. 2016-17.

1. which ITR used = ITR 1 or ITR 2.

2. how to show gift of Rs.1.10 lakh in which section of ITR1 or ITR2.(Note= Some C.A. says Nephew have to fill ITR-1 because Nephew is a salaried class because as per my search on internet if your exempt income more than Rs.5000 (Rs.1.10 lakh from gift is a exempt income or not) you have to fill ITR 2.Please clarify the situation. Nephew is on contract bases no form 16 issued to employee only outsourced employer give cheque which is deposited in bank and salary slip is also not given.

3. Bank FD interest and saving interest of gifted amount shown in which column of which ITR = ITR1 or ITR2 of Nephew.

4. Nephew has some shares gifted of Rs.2000 from uncle (Father Brother) in Year 2012-13 but on that time Nephew not filing of return because he is unemployed (below taxable limit) and now Nephew want to show gifted shares in F.Y. 2016-17 in which ITR = ITR 1 or ITR2 under what section .

5. Nephew getting dividend from equity shares is deduction  under 80 C  shown in which ITR = ITR1 or ITR2.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Suppose Nephew a salaried person (outsourced on contract not permanent)= total taxable salary= 1.5 lakh in F.Y.2016-17 and nephew get a gift from Uncle (Father Brother)  deposited in Bank in F.Y. 2016-17 by cheque and cash of Rs. 1.10 lakh and further Nephew get interest by saving and Fd from gifted amount .

Want to Fill ITR of F.Y. 2016-17.

1. which ITR used = ITR 1 or ITR 2.

2. how to show gift of Rs.1.10 lakh in which section of ITR1 or ITR2.(Note= Some C.A. says Nephew have to fill ITR-1 because Nephew is a salaried class because as per my search on internet if your exempt income more than Rs.5000 (Rs.1.10 lakh from gift is a exempt income or not) you have to fill ITR 2.Please clarify the situation. Nephew is on contract bases no form 16 issued to employee only outsourced employer give cheque which is deposited in bank and salary slip is also not given.

Regards,

Munish Narang

 

 

 

 

 

 

 

Replies (2)

1.   "Suppose Nephew a salaried person (outsourced on contract not permanent)= total taxable salary= 1.5 lakh in F.Y.2016-17 and nephew get a gift from Uncle (Father Brother)  in F.Y. 2016-17 by cheque and cash of Rs. 1.10 lakh and further Nephew get interest by saving and Fd from gifted amount . Want to Fill ITR of F.Y. 2016-17. 1. which ITR used = ITR 1 or ITR 2."

Ans.: As per contract income, which is business or professional income, IT rules describe ITR 4.

But being smaller amount you may go for ITR 2A.

2. "how to show gift of Rs.1.10 lakh in which section of ITR1 or ITR2.(Note= Some C.A. says Nephew have to fill ITR-1 because Nephew is a salaried class because as per my search on internet if your exempt income more than Rs.5000 (Rs.1.10 lakh from gift is a exempt income or not) you have to fill ITR 2.       Please clarify the situation."

In ITR 2 or  ITR 2A there is schedule EI, i.e. Exempted Income to declare such gifts.

1. Nephew PF=Rs. 780 (FROM EMPLOYEE SIDE) + Rs. 780 (541=EPS(Employee Pension Scheme + 239=PF) from employer side,no form 16 given,no salary slip given,not permament employee,not on pay roll, Nephew is a outsourced employee (Third Party) but work in (Central Govt. or Semi Center Govt. do not know) Deptt. in F.Y.=2016-17.Taxable Salary = Rs.1.5 Lakh.

2. Rs.1.10 Lakh gift from (Father Brother)  by cash and cheque in F.Y. 2016-17 in Bank,under what section Nephew show.

Which ITR if we view above two conditions= ITR 1 or ITR 2 . 

 

 

 

 

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