If you have been filing return for past couple of years you can justify this from your savings or else file rectification return more than your spends with additional income as gift from your parents
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(Caution) Check your AIS. Banks have reported high value Credit Card spends for FY22-23.
- Thread starter moriarty
- Start date
VISHESH_BANSAL
TF Pioneer
What if Parents did not showed it in their ITR.
One Can not escape by using Gifts.
There are already sufficient Sections in Income Tax Act and ITD will use all the Alphabets from A to Z to introduce more sections if nedeed
I just shared my agony ! I know ITD work for whom and work for what. This community for sharing information , knowledge , experience and agony too. If you go this way , I will better than you 😉
Then maybe show as payment made for company or friends
it was my first itr brother
Then better file rectification itr now showing income more than documented spends. Show additional income as gift from parents. In this way you can have a sound sleep without fear of notice in future. Sometimes CA don't guide properly as they'll earn from you later also when you receive notice
VISHESH_BANSAL
TF Pioneer
One Just need Proper trail of txns.
If one do not have it then it may beome a problem in case of Scrutiny.
No need to do such Practices, show it as gift or some other treatment. This is done mostly when you want to Show your income under 5 Lakh Slab when actually you fall in Taxable slab.
If one is student and do not have any Income then no need to do such Practices. Instead keep Proper trail of txns
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rohitnsync
TF Select
But the card is in our name right?
Please don't spread misinformation man. If you don't know a thing simply ignore or ask for help rather than spending misinformation. I used my card for around 14L and paid all using my friends accounts and still my CA warned me. Doesn't matter who's paying at the end it's your card being used.
That's how it is. AIS reporting is not per card basis, it is cumulative of all cards per issuer/bank
Not all banks I guess, had coral rubyx apay, spent around 7L in each card but its not reported
ICICI didn't report for me also. The last date for reporting is June 30th as per some threads I saw here.
kushhh
TF Ace
In my case i have been filling the return for many years , and spent around 30% more than my salary credit... So how can I justify that i used my savings? Where will I get that option to justify
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kushhh
TF Ace
Will that need any proof to support that i received gift from parents
kushhh
TF Ace
Okay , so there's an option for feedback on AIS , so i write there "Gifted Money from Parents"?
Is there proof to show that they transferred money online to you ?
As cash transactions above 200k
Please note that as per the present provisions of tax laws in case a person accepts any gift beyond Rs. two lakhs in cash, he may become liable to a penalty equal to the amount of gift accepted in cash. So avoid accepting gifts beyond two lakhs in cash.
Be very careful about all this as to cover one mistake you may incur more and get into a trap
Good article -
www.jagoinvestor.com
Gift Tax in India - Everything you wanted to know about rules and exemptions
Do you know that, when some one deposits some money in your bank account, what is its taxation angle ? A lot of people take some loan from their friends
www.jagoinvestor.com
