You need to make gift deed.... should be duly notarized...
It is advisable to file income tax return for 14-15. Last day of which is 31.03.17 i.e tomorrow. Moreover plz respond to query from IT dept for amount deposit
Cash deposited more than ten lakh and not filed ITR
Sir I was serving in Indian Navy and retired in Jan 2013. I filled regular income tax return. I have deposited 1650000 rs in my saving account in 17 may 2013. The above money I received from my grand mother. She sold her Ancestral agricultural land in may 2013. Due to retirement I have not filled my income tax return as I have not any income other than my pension which was only 12000/- pm at that time. I have no taken any affidavit from my grand mother at that time regarding that money.. Q1 should I take an affidavit from my grandmother now to show that I got Mony from my grandmother. Q2 . Will affidavit is a valid document for income tax compliance. Q3 what reply should I Mark in my pan card user id on internet in work list which is showing income tax not filled for assessment year 2014-15. And also showing you have deposited more than ten lakh rupees. Q4. Is there any provision to file late income tax return. Q5. Please guide me on this issue. Will there any panelty on me from income tax department for non filing of income tax return for that year Q6. Affidavit should be notarized.
Asked 7 years ago in Income Tax
Dear Sir,
Please find below answers :
A-1 Gift Deed should be done
A-2 Gift Deed is only acceptable documents for income tax
A-3 Show it as exempt income
A-4 You cant file Income Tax Return of 2013 - 14 right now. No options for the same
A-5 No penalty since you dont have normal tax liability
A-6 Notary is not mandatory
Dear Sir,
1. You should preapre a Gift Deed.
2. Affidavit may not be accepted by IT authorities.
3. You have to reply saying its an exempt income
4. You can take help of any CA and file the return offline, if AO permits. There is no option to file online for FY 2013-14.
5. It depends on the outcome of Assessment.
Please feel free to call/revert in case of any issues.
Thanks and Regards
Abhishek Dugar
CA CS B.Com
Hello Sir,
The answer to your queries are:
1. Yes, make a gift deed stating the amount that you received from your grandmother.
2. Yes, a Gift deed is.
3. You can file a return against the notice that you have received.
4. A flat penalty of Rs.5000/- may be applicable for non filing of returns.
5. Preferably the gift deed should be notarised.
Hello Sir,
It appears that the rest of your query is resolved and hence I am answering only the latest one. Please feel free to get back if any of your query has been left unattended.
Yes, the sale proceeds can be used to prepay the housing loan but be sure that the banker does not charge you a Pre-payment charge.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
Hi
You will have to prepare a gift deed and not an affidavit. It is advisable to register the gift deed. Since you have received a notice from the Department, you can file a return of income as a reply it. Further, the AO will levy a penalty of Rs. 5,000 for the non-filing of return.
Regards
Keerthiga Padmanabhan
M.Com., CA, LLB
Gift deed is prepared by a lawyer or.a CA.
Asked 7 years ago
It can be prepared by both....
1.Yes please take a Affidavit stating the amount is gift to you which she received from agricultural land which is not taxable.
2. Yes it can be. More than that the ITO can ask for recording her statement.
3. You can provide that it was out of gift not taxable
4. You can file and take condonation from Commissioner of Income Tax.
5. If the income is below taxable then there is no need to file for Returns. The reason can be explained once you receive a notice from department
Both CA and lawyer are well equipped to prepare gift deed. You can choose as per your convenience.
But I would suggest you get it done from a CA in your case, as it is more to deal with taxation matter.
Please feel free to call/revert in case of any doubts
Thanks and Regards
Abhishek Dugar
CA CS B.Com
any one can preapred
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