Im a new tax payer. I'm filing my IT returns myself. I have some doubts regarding ITR filing.
1) I'm paying 4500 rs every month (54000 rs per annum) to postal RD from my earning salary. where I have to show this amount in ITR form?
2) My father in law gifted me 450000 by cash on occasion of my marriage in August 2014 by taking loan from LIC. He has all the records. I put that amount in august 2015 as FD in bank. In which financial year I have to show this gifted amount (income from other sources). In 2014-15 returns or 2015-16 returns?
Please clarify.
1 Answers
Hi,
1 - If it is not a tax-saving FD/RD then you can not claim the amount u/s 80c.
2 - Kindly note that gifts received on occasion of marriage are tax exempt. So, you can show this amount Rs 4.5 Lakh as Exempt income in ITR (under EI schedule).
However, the interest income on this FD, is taxable and can be shown under the head 'income from other sources' in your ITR.
Interest income on this FD for FY 2015-16, should have been shown in your AY 2016-17.
Kindly read:
Gifts & Tax implications.
FDs/RDs & taxes.
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