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)
TAX DUE DATE- OCTOBER 2026
S. No Due Date Related to Compliance to be made 1 11.10.2026 GST ...
-
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...
-
· The Income tax rate for is 17% of its chargeable Income.
-
The posting had been move to another website. Please click the link below to get the access of the same. https://taxofindia.wordpress....
-
The overall effective tax rate of a U.S. multinational corporation may have significant impact on the value of its stock. Therefore, it ...
-
While Safe Harbour focuses on standardization, an Advance Pricing Agreement (APA) provides a customized solution. An APA is a binding agr...
-
Vide Notification issued u/s 139(1), the CBDT has extended the ‘due date’ for filing of returns of income for the Assessment Year 2012-13 ...
-
What is a Digital Signature? Answer: A digital signature authenticates electronic documents in a similar manner a handwritten signatur...
-
One of the most significant developments under GST valuation jurisprudence has been the consistent recognition that where the recipient is...
-
The year 2026 has already delivered several landmark GST decisions that could significantly influence tax compliance, assessments, and litig...
-
Mumbai ITAT held that depreciation on Rajasthan Royals franchise rights is allowable on the entire acquisition cost of ₹268 crore, even th...
No comments:
Post a Comment