Could you suggest on the tax liability of the gifts received during the time of marriage. If it is tax free, is there a specified timeframe before and after marriage? Also if my soon-to-be father-in-law gifts me Rs 2 lakh a week before marriage would it be taxable?
Any sum of money received on the occasion of the marriage of the individual will not be taxed as gift u/s 56(2) of the IT Act, 1961. If your soon to-be father-in-law gives you a gift of Rs 2 lakh a week before marriage and in the gift deed he states that the said gift is for the occasion of the marriage mentioning the date of marriage, then the same can be considered as received on the occasion of marriage and will not be taxed u/s 56(2) in your hands.
I retired from ONGC as Chief Manager (HR) in recently. I am getting pension from LIC under ONGC self-contributory and post-retirement benefit scheme. Is the income from such pension exempted from IT under clause 23AAB u/s 10 of IT Act? Many of my colleagues are advising me that this income is not taxable for FY16 and AY 2016-17. Also, is a senior citizen required to pay advance tax?
Clause (23AAB) of Section 10 exempts from income-tax the income of the fund set up by LIC or any other insurer under a pension scheme. It does not apply to the income of the pensioner who receives the pension from such funds. Thus, the un-commuted pension received from LIC’s pension fund is not covered by Section 10 (23AAB) and the same is taxable in the hands of the recipient. A senior citizen is not required to pay advance tax if he does not have any income chargeable under the head “profits and gains of business or profession”.
I had given my house on lease to company and was getting monthly rent. I was filing IT return every year for three years upto AY2014-15. From April 1, 2014 onwards I stopped the lease. I don’t have income of any type. I did not file return for AY2015-16. Last week, I got an email from IT dept asking me to file the return for AY2015-16. I have no income now and unlikely to have in future. What should be my reply to IT department? — RAMINDER KAUR
Since your gross total income is below the basic exemption limit (ie. Rs 2,50,000 for AY2015-16) you will not be legally required to file the return of income. If you have received a reminder letter from IT department for filing the return of income for AY2015-16, then you can reply stating that since the income is below taxable limit the return of income is not filed. However, if you have received notice u/s 142(1) asking you to file the return of income for AY2015-16, then you will have to file the return of income for AY2015-16.
Any sum of money received on the occasion of the marriage of the individual will not be taxed as gift u/s 56(2) of the IT Act, 1961. If your soon to-be father-in-law gives you a gift of Rs 2 lakh a week before marriage and in the gift deed he states that the said gift is for the occasion of the marriage mentioning the date of marriage, then the same can be considered as received on the occasion of marriage and will not be taxed u/s 56(2) in your hands.
I retired from ONGC as Chief Manager (HR) in recently. I am getting pension from LIC under ONGC self-contributory and post-retirement benefit scheme. Is the income from such pension exempted from IT under clause 23AAB u/s 10 of IT Act? Many of my colleagues are advising me that this income is not taxable for FY16 and AY 2016-17. Also, is a senior citizen required to pay advance tax?
Clause (23AAB) of Section 10 exempts from income-tax the income of the fund set up by LIC or any other insurer under a pension scheme. It does not apply to the income of the pensioner who receives the pension from such funds. Thus, the un-commuted pension received from LIC’s pension fund is not covered by Section 10 (23AAB) and the same is taxable in the hands of the recipient. A senior citizen is not required to pay advance tax if he does not have any income chargeable under the head “profits and gains of business or profession”.
I had given my house on lease to company and was getting monthly rent. I was filing IT return every year for three years upto AY2014-15. From April 1, 2014 onwards I stopped the lease. I don’t have income of any type. I did not file return for AY2015-16. Last week, I got an email from IT dept asking me to file the return for AY2015-16. I have no income now and unlikely to have in future. What should be my reply to IT department? — RAMINDER KAUR
Since your gross total income is below the basic exemption limit (ie. Rs 2,50,000 for AY2015-16) you will not be legally required to file the return of income. If you have received a reminder letter from IT department for filing the return of income for AY2015-16, then you can reply stating that since the income is below taxable limit the return of income is not filed. However, if you have received notice u/s 142(1) asking you to file the return of income for AY2015-16, then you will have to file the return of income for AY2015-16.
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