Showing posts with label Gift. Show all posts
Showing posts with label Gift. Show all posts

Do I need to pay tax on income earned on gift amount?

I have received Rs.15 lakhs from my father who is filing his income tax Return (ITR) regularly and paying tax on his income. Money so received was invested somewhere and earned an interest income around Rs.2,25,000/-.
Do I have to show such amount (i.e. Rs.15 lakhs) in my ITR?
Do I need to discloses & file my ITR for interest if don't have any other income except interest, I understand that  income up to Rs.2,50,000/- is not taxable. 

CBDT waives interest on demand raised due to disallowance of Sec. 87A rebate on income taxable at special rate

The Central Board of Direct Taxes (CBDT) has issued a circular to waive off the demand raised upon the taxpayers due to the disallowance of ...