Showing posts with label smalltaxpayers. Show all posts
Showing posts with label smalltaxpayers. 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. 

Income on which no tax payable in india किस आय पर कोई कर नहीं लगता है?

The mere mention of "income tax" can induce stress in many individuals who constantly seek ways to save money. Income tax is a tax...