Your Queries: No tax on present from relative however present it in ITR beneath exempt revenue

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Any sum of cash obtained from the kinfolk as present or beneath a will or by the use of inheritance is absolutely exempt from tax within the arms of the beneficiary.

By Chirag Nangia

My spouse obtained present of Rs 20 lakh after her mom bought an ancestral property. Will she need to pay any tax on it?
—S R Venkat
Any sum of cash obtained from the kinfolk as present or beneath a will or by the use of inheritance is absolutely exempt from tax within the arms of the beneficiary. Therefore, the Rs 20 lakh is absolutely exempt from tax. Nonetheless, your spouse shall be required to reveal the exempt present quantity beneath the schedule ‘Exempt Revenue’ within the ITR.

My NSC matured in January and curiosity involves Rs 50,000. Throughout buy, I confirmed it in tax deduction beneath Part 80C. Does NSC on maturity come beneath taxable revenue and can I’ve to proven it in ITR?
—A Okay Das
Upon maturity, the amassed curiosity is taxable beneath head ‘different sources’ and also you shall need to disclose the revenue in ‘Schedule OS’ within the ITR kind.

Each quarter, I get lumpsum cash for the consultancy work that I do. Ought to I’ve to file ITR 1 or ITR 4?
—Gautam Arora
ITR-1 Type is a straightforward kind that may be filed by a resident particular person whose whole revenue doesn’t exceed Rs 50 lakh and has revenue from Wage/ Pension or one home property or revenue from different sources whereas ITR-4 will be filed by a resident particular person or HUF or a agency (apart from LLP), whose whole revenue doesn’t exceed Rs 50 lakh and has revenue from enterprise or career, the place such revenue is computed on presumptive foundation or has revenue from wage/pension or one home property or revenue from different sources. Therefore, the consultancy revenue earned by you, being within the nature of revenue from enterprise/career will be disclosed in ITR-4 if it falls under the prescribed threshold. Else, ITR 3 shall need to be filed.

I’ve a house mortgage for which I declare tax exemption as self occupied. I keep on hire and don’t declare any HRA. Do I’ve to say the handle of my flat in my ITR from this 12 months?
—Ashish Kumar
ITR Varieties notified for AY 2020-21 are exhaustive and search extra particulars from taxpayers. The kinds, among the many different issues, mandate furnishing of the handle of the home property whether or not it’s self-occupied or let loose. Therefore, you shall need to furnish the handle of the home property in respect of which you might be claiming exemption of residence mortgage.

The author is director, Nangia Andersen Consulting Pvt Ltd. Ship your queries to fepersonalfinance@expressindia.com

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