Regarding ITR 2 Schedule AIR for cash deposit of Rs. 10 Lakh or more.... Does it also imply if deposited gift DDs/Cheques from relatives (Parents) in the bank?
S S Singh (Sr. SE) 15 May 2009
Regarding ITR 2 Schedule AIR for cash deposit of Rs. 10 Lakh or more.... Does it also imply if deposited gift DDs/Cheques from relatives (Parents) in the bank?
A V Vishal (Advocate) 15 May 2009
Dear Sing,
It is only for cash deposits and not for Cheques and DD's. The summation of the credit side of the pass book exceeds Rs.10.00 Lakhs on account of cash deposits during a financial year has to be reported in AIR
S S Singh (Sr. SE) 15 May 2009
Thanks Vishal,
Kindly confirm does it mean gift DDs/Cheques receipts don't need to be mentioned within the ITR?
A V Vishal (Advocate) 15 May 2009
Gifts are to be mentioned under the exempt income in the ITR. Gifts from relatives (as described under the Gift Act) are exempt, however gifts from third parties are liable to tax if they exceed Rs 50,000 in a year