Dear Sir,
Hope you are doing well !!
There is no need to file the return for the same.
Regarding ITR
Dear sir/ madam Suppose 20 lakh transcation was in between my mother and father saving account through online channel or cheque deposit for a specific period or time late say 1 year........((Did i need to MANDATORY file ITR showing these type of transfer .... AS they generally did not file itr because my mother is housewive and father pension and investment income didnt cross basic exemption limit????))
Asked 4 years ago in Income Tax
Hi,
It is not mandatorily required to file ITR for these transactions. However, if the transfers are in the nature of gift, it is recommedatory (not mandatory), to file ITR.
No need to file return for just this type of transaction.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank
Hi
In this case ITR is not mandatory.
Hello
There is no need to file the income tax return.
I hope this answer satisfies your requirements.
Regards,
CA Hunny Badlani
You will not be required to file the return of income as transfer between husband and wife will be covered under exempt gift. They may prepare a simple gift deed stating that the transfer was out of natural love and affection to be on a safe side.
- It is not mandatory to file ITR if the gross total income is below Rs.2,50,000. For your satisfaction, you can file the ITR and show Rs. 20 lacs under exempt income schedule to avoid any mismatch of amount received in bank and shown in ITR.
Chill out bro, no need to do anything.
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