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Poonam

Category : How to s..,

Solved

November 23, 2018 12:45 pm

Sir, My mother given me Rs 12 lakhs from her FD through online mode transaction sometime ago.
my questions is
1. Do I need to pay tax for that money?
2. Do I need to take money either as LOAN or as GIFT ? If I want to earn money through further FDs ( without clubbing).
(What should I do to ma...

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Amlan Dutta

The tax treatment in this case( to be considered as gift) is guided by Section 56(2) of income tax act 1961....Basically , any sum of money being received by relative is exempt from levy of tax ......If your mother gift's money to you, , then you are exempted from paying any tax on gift amount as you receive gift from 'relative' as per Income Tax Act,1961.

Here, since for daughter, mother falls under relative purview, any sum of money received from assessee by his mother is exempt in assesse's hands ....Just get a gift deed executed by any lawyer ...it will keep you protected in case of any assessment proceedings

Now to answer your questions, 1.) You need to pay no tax for that money 2.) Get a gift deed done ....Interest on that money shall be taxable in your hand and shall not get clubbed to your mother....clubbing provisions are only applicable in specific situations under Section 64 (1) (ii) and this doesn't fall in any of those cases....... Interest earned on FD will be treated as your income only and shall not be clubbed with your mother's income. 3.) No , it doesn't form a part of total income and is rather exempt income , so you need to show it in exempt income portion of the return ...say you put it in FD and earn interest say 1 lakh Rs , then this 1 lakh rs shall form a part of your total income and shall be offered under other sources portion of the tax return

( Just for knowledge , the scope of relative covers the following

i. Spouse of the individual
ii. Brother or sister of the individual - YOUR CASE
iii. Brother or sister of the spouse of the individual
iv. Brother or sister of either of the parents of the individual
v. Any lineal ascendant or descendant of the individual
vi. Any lineal ascendant or descendant of the spouse of the individual
vii. Spouse of the person referred to in clauses (ii) to (vi).)

(Next time select question category properly )

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November 24, 2018

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Poonam

sorry to disturb you again, Sir.... one more thing I want to ask......... my mother transfered an amount through ONLINE mode ...... so there are proof documents available in terms of bank statement ,....... is this will be sufficient documents .........or still i need to done gift deed......... a...

November 24, 2018

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Amlan Dutta

Its better to get a gift deed done ...the deed itself specifies the mode of payment etc other things ...deed keeps you safe ....though even without a deed , there wont be any problem but sometimes the tax authorities insist for gift deed .....

November 24, 2018

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Amlan Dutta

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November 24, 2018

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Akhilesh Kumar

Category : Section ..,

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November 21, 2018 5:04 pm

Sir, my mother is a family pensioner . We did not have knowledge about ITR and that return needs to be filed on account of which we didn't file returns for FY 2015 16 and 2016 17 . In these years we have TDS which is refundable. Please let me know detailed process for filing of tax returns for claim...

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Amlan Dutta

Firstly my condolences on the demise of your father. Note, time barred returns unfortunately cannot be filed after belated period for filing (as permitted under section 139(4) gets over

Only in cases where non filing of return in any previous year was due to any hardship/genuine concern, then appli...

November 21, 2018

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Amlan Dutta

November 21, 2018

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Santanu

Category : 80CCD(1B..,

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November 20, 2018 7:48 pm

Sir, I am a railway employee . I fulfill my 80c quota of 1,50,000 savings but railway not giving me extra benefit of 80CCD(1B) in form 16 .

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Amlan Dutta

I believe that you are referring to your contribution made towards National pension Scheme .....You would like to check once whether you had made it clear during savings declaration to consider your contribution towards 80 CCD(1B) and hence by default employer has considered for 80 C deduction.

I...

November 20, 2018

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Sunil Sahoo

Category : 80 C Ded..,

Solved

November 20, 2018 12:03 pm

For FY 2018 19, I paid LIC policy annual premium on 12th April 2019 i.e after 31st March 2019 ...can i claim benefit of 80 C for such policy premium payment for FY 2018 19 return (AY 2019 20)

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The benefit of policy payment can be only taken in the year in which the payment has been done ...in this case, since you have made the payment in FY 2019 20, you will only be able to claim the tax benefit in FY 2019 20 ...note, the premium AGAIN due for FY 2019 20 which you are required to pay in F...

November 20, 2018

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