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Income Tax: Should I disclose cash gift from father exceeding Rs.20 lakhs when assessing tax below Rs.3 lakhs?

Vivek Lala |280 Answers |Ask -Follow

Tax, MF Expert - Answered on Aug 10, 2024

Vivek Lala has been working as a tax planner since 2018. His expertise lies in making personalised tax budgets and tax forecasts for individuals. As a tax advisor, he takes pride in simplifying tax complications for his clients using simple, easy-to-understand language.
Lala cleared his chartered accountancy exam in 2018 and completed his articleship with Chaturvedi and Shah. ... more

Asked by Anonymous - Aug 09, 2024Hindi

Money

Sir, It assessess taxable income below rs:3 lacs and cash Gift from father rs:20 lacs amount through on bank channel f.y.23-24 Question: Assessess itr returns filed mandatory 2.cash Gift from family members how many times gift received one finical year allowed in it act

Ans: Yes return needs to be filed
No limit on gift received from relatives as per the income tax definition , but make sure the money received as gift is tax paid money by the person who is transferring it to you

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Namaskar Interest certificate issued by bank shows interest paid and tax deducted against say 1 senior citizen savings scheme 2 normal savings SB account 3 Fìxed Deposit (term deposit) for say 5years with a maturity value at the end of 5 yrs. Against sl no. 1 and 2 money is credited in account and naturally tax is to be paid. For sl.no. 3 where no money has been credited although said amount paid and tax deducted am I to a) consider said amount paid and TDS in the ITR? b) Is the same maturity amount as mentioned in the certificate will be paid or again tax will be deducted on maturity ? c) If same amount is paid whether that amount will be taxable in that related FY? Regards

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Asked by Anonymous - Aug 08, 2024Hindi

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Sir, it assessess cash Gift from family like father rs:10 lacs dt:10-4-24 after cash Gift from father rs:5 lacs dt:20-06-24 through on bank channel. Question: Assessess cash Gift from family members how many times one finical year allowed in it act.

Ans: 01. Gift from father of Rs.5,00 lakh, through a banking channel is no problem. It is not taxable in the hands of donee.
02. Gift in cash from father is also not taxable, but such entries are always subject to controversy. You should avoid making a Cash Gift & instead go for Gift by banking channels or Property or Shares etc.
Most welcome for any further clarifications. Thanks.

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Sir, It assessess cash Gift from family members (father ,mother , brother, sister)how many times allowed one finical year in it act

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Hii sir ! This is ritika and I love a boy and we are in relationship since 7 years but there are some behavior of him he always have doubt on me that I am dating another boy he always says that start you screenshare in WhatsApp I even do because I don't want to lose him and he saw all of things of my phone yesterday he again asking for that and I do and there was a tab of instagram which was belongs to my roommate it was her I'd open in my chrome browser where she only wants to delete the I'd which she did from my phone these instagram thing happened approx one year ago but when he saw this I told him that was not mine but he continuously said I am cheater I cheated with him again he was like I know you have two mobile phones and you cheated with me. I love him soo much but he cannot try to accept that . Even I don't talk to my male classmate because he didn't want ki main kisi boy se baat karu Is it fair , am I cheater ? I love him unconditionally I support him in all his career or decision but again he was like I cheated with him we are in long distance relationship but I can't cheat him . Literally I am feeling depressed ????

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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