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)
Navigating Section 79: How Continuity of Beneficial Ownership Preserves Loss Carry-Forward
A recent ruling by the Income Tax Appellate Tribunal (ITAT) in ACIT vs. Lurgi India International Services Pvt. Ltd. provides crucial ...
-
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...
-
Introduction: ADR’S, GDR’S: These are commonly known as Depository Receipts (‘DR’), a negotiable security issued outside India by a deposi...
-
The Approving Panel under General Anti-Avoidance Rules (GAAR), in a landmark direction, has characterized the demerger of Digital, Media a...
-
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...
-
In the case of "Maya Gopinathan vs Anoop SB 2024 INSC 334," the Hon'ble Supreme Court provided insightful guidance on the de...
-
In Standard Castings Private Limited v. ITO , the Hon’ble ITAT Delhi allowed the assessee’s appeal and set aside a demand that had continu...
-
An eminent concern within the GST framework pertains to the entitlement of Input Tax Credit (ITC) concerning expenditures associated with In...
-
Introduction Employee welfare is a cornerstone of corporate responsibility, and gratuity forms a critical part of the social security benefi...
-
LEASE-DEED (A brief Introduction) Lease defined. A lease of immovable property is a transfer of a right to enjoy such property, mad...
-
The National Company Law Tribunal (NCLT), Mumbai Bench, has recently delivered an Order in the matter of Ecospace IT Park Pvt. Ltd. (“Appl...
No comments:
Post a Comment