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RAVINDER SINGH

Category : Exempt I..,
Solved
Hello Amlan,

I have to Start at Business for that I received 10 Lac cash from My Mother (Senior Citizen + Tax Payer) in this FY year in July which I deposited to My Bank Saving Account. Now after talking to one of my friend I Came to know for such GIFT from Parent also there are some rules from Incom...
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Amlan Dutta
1) Can I take 10 Lac cash as Gift from my Mother...? is this Okay or its illegal
To any such question there are two parts - accountability and the gifting
If it is cheque /EFT , it is automatically accounted since it lies in the bank
Same is not with cash and therefore cash often attracts scrutiny

Cas...
Shriya

Category : Exempt I..,
Solved
Hello Sir,

If i (a salaried employee) have lent out money with an agreement to someone and there is a default - can i set off this loss due to default on my salary or other income?

Thanks
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Amlan Dutta
No , it can't .......
Shriya

Category : Exempt I..,
Solved
Sir, Can you please clarify if these both can be considered 'relatives' as per income tax act and does the property transfer between them qualify as 'non taxable'.

Ajay and Ajith are blood brothers. Ajith's wife is Anjali. Ajith passed away 5 years back.

Now if there is a transfer of property between ...
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Amlan Dutta
Though sister in law falls under acceptable relative definition here the case is different . If Ajith were alive , then this gift ( under eligible criteria - no compensation , registration done at sub registrar office , stamp duty paid etc etc ) would qualify under relative purview and not attrac...
Shriya

Category : Exempt g..,
Solved
Hello Sir,

What will be the treatment of tax if there is exchange of property/money within the relatives specified?

Suppose A gifts a land to B (A & B are Brother & Sister) and B gifts back a certain amount of money to A. This seems like a transaction however because they are 'relatives' specified und...
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Amlan Dutta
Understand that merely because someone is brother and sister ( falls under relative purview) , the transfer of any asset ( cash or immovable ) cannot be automatically treated as gift ....a proper gift deed has to be executed and registered ( only when gift deed is registered does it become legally ...
AYUSH
But sir remember these transactions are Been classified as cross relative transactions if the transaction are been done to avoid tax like as you say first property transfer between a to b and a certain sum was also transferred from b to a in consideration will lead to tax implications.
SAIKAT DAS

Category : Exempt I..,
Solved
is there such requirement to show inherited money in ITR??
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Amlan Dutta
Showing inherited or any form of exempt income is not any new requirement, it was always required to show exempt income . Inherited income being exempt needs to be declared in the return so that the tax authorities don't harass the assesse in the future ...here is the portion of the ITR where you ne...
Showing inherited or any form of exempt income is not any new requirement, it was always required to show exempt income . Inherited income being exempt needs to be declared in the return so that the tax authorities don't harass the assesse in the future ...here is the portion of the ITR where you need to declare inherited exempt income<br /><br />If you need to know the reason why exempt income(say 20 lakhs ) needs to be shown it is because the department needs to know why the amount has not been offered for tax . When assesse specifies that the amount is exempted because of inheritance /marriage etc etc provisions , the department can only then  understand else they would be expecting the  assesse to declare the income under relevant taxable head  and pay taxes for it ...
Paritosh Jain

Category : Exempt g..,
Solved
I wish to gift my wife Rs 65 Lakhs through bank cheque. What all formalities need to be completed for this.
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Amlan Dutta
You can execute a gift deed by visiting a lawyer ...the deed has a certain drafting style ..it mentions the donor and donee details , the relationship , the mode of payment , the amount , the tax payment details etc (lawyer shall be able to guide on this )...Since wife falls under the definition of ...
Vishal

Category : Exempt I..,
Solved
Hi Sir, in my form 16, medical allowance reimbursement is shown under section 10 but it comes under section 17(2). Any reason why form 16 shows it in wrong section? Now if i need to show exempt income on medical reimbursement, do i need to mention the section 10 or 17(2)? Below is my form 16 entry:
...
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Amlan Dutta
No idea why they show it under section 10 ( though this happens in most places )...you will show medical reimbursement exempt income using section 17(2) ...refer video for the same.....
niranjan

Category : Exempt G..,
Solved
sir i have a question. my brother was retired on 30/11/2017 he has received gratuity rs 20 lakhs but in form 16 only 10 lakhs amount was exempted from tax, can he clame tax exemption on another 10 lakhs or not. kindly ans me as soon as possible
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Amlan Dutta
At the time of receipt of gratuity the revision of Gratuity was not in place and therefore the assessee doesn't qualify for gratuity exemption of 20 lakhs .
DIVYANSH TRIPATHY

Category : Exempt g..,
Solved
hello sir . my brother is in job and getting salary around rs 650000/ p.a, now if he transfer money to father bank account rs 30000 every month so whether father is liable to tax or not
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Samik Das
as father is a relative and as per IT Act it is not an income.
Amlan Dutta
Here son has gifted to father ...we have to check son from the purview of relative as per income tax ....since ,son falls in the definition of relative, any money received by son( relative ) is tax free i.e exempt in the hands of father ...it will not be taxable in the hands of father ...select quer...
PREM

Category : Exempt I..,
Solved
Policy maturity amount received and TDS 2% deducted on benefit amount.now where to show this maturity amount with bonus in ITR 1,If it showed in income than have to pay tax according to sab.and showed in 10D than shows refund because 2% TDS is in 26 AS.what to do plzzz help
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Amlan Dutta
If TDS deducted (U/s 194DA) , it indicates that the policy maturity proceeds is taxable..if pension policy , then such happens when annual premium of policy ( booked after April 2012 ) is more than 10% of sum assured ....Here, you will have to offer entire maturity proceeds as income under other sou...
Vani

Category : Exempt U..,
Solved
Hi Amlan,
For Maturity proceeds of ULIP which I need to show under exempted income I would like to know if we should show the complete sum received at maturity OR sum received minus total premium paid. Here I look at premium paid as an investment versus an expense. I have seen your video and as pe...
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Amlan Dutta
You will show the total Unit linked insurance plan sum received at maturity exempt under 10(10 D)...this is the treatment , i will not complicate further ...say you receive 100 Rs at maturity and say paid 60 Rs premium , you will still show 100 Rs as exempt under section 10(10 D) ....Note : this is ...
Sachin

Category : Exempt I..,
Solved
Hi ,

1. Since my mom was bank employee, my dad has received a insurance amount from the bank on her death. Any specific tab to show this exempt income received.
2. My dad has received a medical reimbursement amount of my mom, from medical insurance company. Since my mom was not alive to claim , my dad...
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Amlan Dutta
The medical payout is exempt in the hands of mother ...so , you/dad will have to file return on behalf of mom as legal heir ...the legal heir on behalf of the deceased will be claiming the amount as exempt under section 10...this will not be taxed in the hands of father ...for Life insurance produ...