Since the gift is given by your son, it is not taxable as per the new amended provision u/s 56 of the I T Act. If you forgot to show this amount , its not big fault because the fact is that you have rceived the gift from Son. But , in my opinion , you should show the receipt of gift from son and claim the exemption of the amount . For this , i suggest you get a letter from son whereby he gives all details what he does i.e what is his source of income and the mode of payment of gift.There is no limit for receiving the money from your relatives residing outside India , as far as my knowledge goes.
Subscribe to:
Post Comments (Atom)
Pre-GST taxes cannot be refunded if paid pursuant to an inquiry
This is to update you about an important decision by Tribunal in the case of Filatex India Limited vs. CCE & ST , E A No. 10231 of ...
-
A new website launched for TDS related matters www.tdscpc.gov.in TRACES – T DS R econciliation A nalysis and C orrection E nabling S yste...
-
This is to update you about an important decision by Tribunal in the case of Filatex India Limited vs. CCE & ST , E A No. 10231 of ...
-
LEASE-DEED (A brief Introduction) Lease defined. A lease of immovable property is a transfer of a right to enjoy such property, mad...
-
Is the Indian Finance Ministry's 2013 press release something the tax authorities have to follow? Sometimes, the Indian tax authorities ...
-
The GST department are issuing show cause notice to the taxpayers as the input credit available in GSTR-2A of the year is less than GS...
-
Particulars in Part 1 and Part 2 of Step-2 of registration form are required to be exactly the same as reported in the TDS statement. Plea...
-
One of the most disputed arguments between assessee and income tax department is that whether payments made towards specified expend...
-
We all are currently in the process of submitting Rectification Applications under Section 161 of GST Laws for errors that are evident fro...
-
1. In a significant move, the Central Board of Direct Taxes (CBDT) has released new guidelines aimed at ensuring the priority or out-of...
-
The circular of the Board dt. 28.06.1965 No. 17 (XL-36), provides for inspection fees and fees for certified copies of assessment and...
No comments:
Post a Comment