[spookey]

Originally Posted by spookey

No, In the same boat ! ITR 3 filed on 22nd July, Yet to be processed.

ITR processed today and got the refund.

[indian21r]

Originally Posted by vnabhi

Thanks. Perhaps the refund was below a lakh? I'm told that refunds exceeding that amount are taking time as they are being put to greater scrutiny.

Mine was less than 5K while fathers was between 1 and 2 Lakhs. His refund took some additional time.

[KL01toKA03]

My father wants to gift some money to me so that I can clear my loans. The amount is entirely from his savings from his income for which he has paid all income taxes. Is there any tax to be paid from either side for this?

[d.w.w.]

Originally Posted by KL01toKA03

My father wants to gift some money to me so that I can clear my loans. The amount is entirely from his savings from his income for which he has paid all income taxes. Is there any tax to be paid from either side for this?

Not an expert, but I believe this will fall under gift from special relatives and is not taxable. But in case you earn interest on this money, you need to pay tax on that interest (which is unlikely in your case)

[mtripathi13]

Originally Posted by KL01toKA03

My father wants to gift some money to me so that I can clear my loans. The amount is entirely from his savings from his income for which he has paid all income taxes. Is there any tax to be paid from either side for this?

Originally Posted by d.w.w.

Not an expert, but I believe this will fall under gift from special relatives and is not taxable. But in case you earn interest on this money, you need to pay tax on that interest (which is unlikely in your case)

Father falls within the definition of 'relative' for the purpose of section 56. Accordingly, the amount received from him as gift, is not taxable. It is advisable to execute a gift deed on a stamp paper/franking and get it notarized formalizing the said gift. The deed should contain all the details and cheque number of the gift.

Regards
Manish

[JediKnight]

I had a outstanding tax demand of Rs. 3680 in the year 2010. At the that time I replied that the tax demand is incorrect. ( Indeed it was incorrect. This was related to interest on loan for education. I may not have the proof with me now. I submitted it to the company that time. )

There has been no response from the tax department till now. I am thinking of paying this and closing this, since I don't have time to chase such a small amount. I see an option to pay it in the income tax website. But the amount is still showing as 3680. Shouldn't there be interest added. If you add 1% interest per month for 13 years the amount should be:

3680 * ((1.01) ^ ( 13 *12 )) = 17377.29120

Please advice how to close this with least amount effort and time. Small financial loss is acceptable.

[Habanero City]

Originally Posted by JediKnight

I had a outstanding tax demand of Rs. 3680 in the year 2010. At the that time I replied that the tax demand is incorrect. ( Indeed it was incorrect. This was related to interest on loan for education. I may not have the proof with me now. I submitted it to the company that time. )

There has been no response from the tax department till now. I am thinking of paying this and closing this, since I don't have time to chase such a small amount. I see an option to pay it in the income tax website. But the amount is still showing as 3680. Shouldn't there be interest added. If you add 1% interest per month for 13 years the amount should be:

3680 * ((1.01) ^ ( 13 *12 )) = 17377.29120

Please advice how to close this with least amount effort and time. Small financial loss is acceptable.

Similar case for my wife too, but it was for the AY 2007-08 and we have several documents explaining the wrong demand.
But there is no response for all these years.
The last response was re-submitted about 2 years ago in the new web site of the department and it was acknowledged by an E-mail.
After that there is no response.
I am not ready to pay for something that is not due.

Also in my mom's case, we accepted the demand as it was a small number (3 digits) thinking just like you.
But the mistake we made was while making the payment you have to acknowledge that the demand is CORRECT which makes the department to wake them from deep slumber.
So in the next IT filing this old demand was adjusted against the refund due (disregarding the payment that we had made).
Finally we ended up paying twice and we gave up to take any further action.

My suggestion is to leave it as it is if you have sufficient evidence to defend in case of any action in future.
Otherwise see if you can just accept the demand without making the payment so that it can get adjusted in the next IT processing with the refund.

With regard to interest calculation, they are purposely being vague and in our case too the interest was not calculated which means that even they are not sure and just fishing for something.

I am not an expert but just wanted to share my harrowing experience with adversarial process adopted by the department.

[(Alok)]

Bhpians
I am in need of a typical advice here.

In May 2021 my father passed away.

I consulted a C.A. to get the financial matter(s) cleared. He suggested to get my mother registered as representative for ITR of my father. As we applied for the same at last moment (22nd July 2022), department rejected it and we filed the ITR of my father with his PAN card.

In Jan 2023 I again put a request to get my mother registered as representative for my father and same got approved. Since all the F.D.s and financial matter are transferred in my mother’s name and my father’s PAN card having only a few saving bank interest amount, C.A. calculated total income and filed the I.T.R. by my mother’s PAN card.

Now I got a message form Income Tax department at my father’s mobile mentioning his PAN card No, that he hasn’t filed the I.T.R. and file it before 31st Dec 2023.

Now my question is how to deactivate/ close my father’s PAN card number in Income Tax department?

Thanks
Alok Mathur

[vivek_lo]

Looking for advice on responding to IT dept query. I filed the return for AY23-24 for my son who is NRI and got the refund also. He purchased an apartment in FY22-23 and his income is only the rental income and bank interest. Last week we received a SMS from IT department stating that high value transaction have been noticed in AIS, but not reported in the return. They asked to respond in the compliance portal or revise the return. The only high value transaction in AIS is the purchase of the property for which there is no provision to report in the ITR. Please advice if I missed to report somewhere and how to respond.

[mtripathi13]

Originally Posted by vivek_lo

Looking for advice on responding to IT dept query. Please advice if I missed to report somewhere and how to respond.

Please go the pending actions. Under it compliance portal. Under that e campaign. You will be redirected to AiS and follow the prompts. You will find a tab requesting response. Pls respond on the query.

In case you need any assistance do revert. Will try to assist you in the reply.

Originally Posted by (Alok)

Bhpians
I am in need of a typical advice here.

In May 2021 my father passed away. As we applied for the same at last moment (22nd July 2022), department rejected it and we filed the ITR of my father with his PAN card.

Now I got a message form Income Tax department at my father’s mobile mentioning his PAN card No, that he hasn’t filed the I.T.R. and file it before 31st Dec 2023.

Now my question is how to deactivate/ close my father’s PAN card number in Income Tax department?

Thanks
Alok Mathur

Dear sir, once a person dies it is not correct to file a return on his/her name using dsc Or any other mode. It should only have been filed by legal rep. If there is delay condonation application should have been filed. Anyway let by gone be bygone.

For surrender of pan write a letter to the AO along with proof of death.

Also reply to department with all the facts.

[vivek_lo]

Originally Posted by mtripathi13

Please go the pending actions. Under it compliance portal. Under that e campaign. You will be redirected to AiS and follow the prompts. You will find a tab requesting response. Pls respond on the query.

Thanks for your immediate response and guidance on how to respond. Still, my fundamental question is if it is necessary to declare purchase of property and where is the provision in the ITR form.

[mtripathi13]

Originally Posted by vivek_lo

Thanks for your immediate response and guidance on how to respond. Still, my fundamental question is if it is necessary to declare purchase of property and where is the provision in the ITR form.

Vivek, there is no requirement/place to report purchase of property in ITR in general. It need not be reported. But, Schedule of Fixed Assets is needed to be reported if income exceeds 50L and foreign assets are also mandatorily required to be reported for a resident.

Please note this e-campaign is designed to take feedback/replies from all persons having high value transactions collected from various sources. One of the objectives is to ensure the transactions are being properly captured by the data collection points. So, if the transaction is true and correctly recorded, do respond as such. Do not worry at all. If the transactions are done properly with known and accounted sources of income, there is no cause for worry. Do respond to the query and close the matter.

Regards
Manish

[vivek_lo]

Originally Posted by mtripathi13

Vivek, there is no requirement/place to report purchase of property in ITR in general. It need not be reported. But, Schedule of Fixed Assets is needed to be reported if income exceeds 50L and foreign assets are also mandatorily required to be reported for a resident.

The yearly income was less than 50 lacs, I missed to mention in my post. Thank you for your quick and clear reply and I will respond suitably.

[NomadSK]

Originally Posted by vivek_lo

Last week we received a SMS from IT department stating that high value transaction have been noticed in AIS, but not reported in the return. They asked to respond in the compliance portal or revise the return.

They IT sleuths send both mail and hardcopy to the registered postal and e-mail address for the discrepancies observed. If you have got them, then just login to the IT portal and reply to them with the attachments under whichever section the Query has been raised.

I have recently closed my almost similar issue [under section 142(1)] where I had done the transactions in year 2016 and they opened the case in mid of 2021 which I closed during the start of 2023. It was a tedious process of back and forth mails (every 2-3 months) asking for the details of the transactions which were done 6/7 years ago. In the end, I had to even prove that I'm an NRI with my passport entries. Silver lining was that everything was done online.

Just a Heads-up - Only and Only getting SMS, I will take that as a pinch of salt, Pls do your due diligence for the veracity of the SMS.

This was the format, how they asked me to furnish the details.

[vivek_lo]

Originally Posted by NomadSK

They IT sleuths send both mail and hardcopy to the registered postal and e-mail address for the discrepancies observed. If you have got them, then just login to the IT portal and reply to them with the attachments under whichever section the Query has been raised.
...
...

Nomad, Thanks for the information. I received only the SMS, surprisingly no email or letter, though we got other communications like acknowledgement and refund advise through registered mail. But the message is genuine. It asked to go to e campaign under compliance portal, and there is a query. I will respond stating that the high value transaction reported in AIS is related to property purhase, for which there is no provision for reporting in ITR. But from your post, it appears that there may be follow up queries on source of funds. Will see.