If I had income that was less than the threshold limit for taxes to apply, but I deposited a considerable amount of cash (5 laks) in my bank accounts during the demonetization period, how should file a tax return? Do I need to disclose all cash deposit details during 8 Nov to 30 Dec. Do I need to pay tax for excess amount 2.5 laks. I am senior citizen and received this 5 laks money from my son through his NRE account as savings.
4 Answers
Dear Sir,
Did you file your ITR for FY 2016-17 / AY 2017-18?
For money deposited more than Rs 2 Lakh during demonetization period , the same can be reported in ITR for AY 2017-18.
The money received by you from your son can be considered as Gift and it is treated as tax-exempt.
Related articles :
https://www.relakhs.com/new-itr-forms-ay-2017-18-fy-2016-17/
https://www.relakhs.com/gift-income-tax-rules-detailed-guide/
Dear Sir,
Yes. I filed it now and also got complaince notice from ITD. I sent the response that I recieved it as a gift from my son to renovate the house. I mentioned the PAN details of my son. I hope I need not pay any tax.
Thank you for the prompt response. This site is very helpful for us.
Dear Sir.. Based on the provided info, it looks fine. Suggest you to also consult a CA in person and get this reviewed!
Dear Sir,
Yes, I filed the ITR. ITD sent me non compliance notice for not filing ITR. I responded by saying that I filed ITR and also furnished the details of my son PAN details for the cash deposited. I mentioned that my son gifted me this through non cash mode (NEFT transaction) for house renovation work. I hope I need not pay any tax as my income is not taxable and below 3 laks per annum for being senior citizen.
Thank you for the quick answer and this site is very helpful for us.
Dear Sir.. Based on the provided info, it looks fine. Suggest you to also consult a CA in person and get this reviewed!
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