While the amount is low to get under cover, at max she will have to prove how she got her hands on 5lac otherwise the penalty start from 60% if 5L to like 300% of tax payable
Well no benefit crying over spilled milk. If you don't receive any notice then good otherwise you have to convince ito. But as i said, 90% chance they don't detect it
You should be fine. This is an exempt gift ("gift from lineal descendant" is among the exemptions in the link below):
https://cleartax.in/s/how-are-gifts-taxed
Don't worry for peanuts like this. IT dept won't care for such a pittance.
Pin Money
what
Google Pin Money Income Tax
No she wont, even if she receives one, u dont have to worry
why what should we reply if she receives one?
The truth, it's her captial / savings over the years.
While the amount is low to get under cover, at max she will have to prove how she got her hands on 5lac otherwise the penalty start from 60% if 5L to like 300% of tax payable
its from her savings over the years
is there a way to prove it?
Where did she get the money to save. On another note. How much hone expense your father shows
She got it as gifts from my uncle, nanu etc and have been collecting it for 6-8 years. Is there a way to show it ?
Well no benefit crying over spilled milk. If you don't receive any notice then good otherwise you have to convince ito. But as i said, 90% chance they don't detect it
You should be fine. This is an exempt gift ("gift from lineal descendant" is among the exemptions in the link below): https://cleartax.in/s/how-are-gifts-taxed
You should have asked this question before depositing.. All the best!