One I.t. assess source of income below taxable limit in f.y.2018-2019. a person cash gift received from brother Rs.12,00,000/- through on bank check and gift amount deposit in bank sb account in f.y. 2018-2019.
Question:
If a I.t. assess I.t. return before 31,march 2020 filed compulsory .
1 Answers
Hi,
Was it Cash gift or non-cash mode gift?
If tax liability is NIL, it is not mandatory to file ITR. But, as the credit amount is a larger sum, you may receive a notice on this and you may have to prove that is a gifted amount.
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