Hey I got shares transferred from my father to my account on july 2023 worth 80lakhs. the stocks has declared dividend last year and to claim tds i myself has filled the ITR and also got my TDS amount refunded and no objection was raised, But I had not mentioned anything about gifted income in the ITR in Exempt Income u/s 10. which i recently read in your portal that we should declared.
Can there be issue raised by IT when i sell the shares in the future? and can we rectify it then by giving the explanation?
Kindly reply
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Hi @nikhil_pandit,
While it is recommended to disclose all exempt incomes including gifts. However, in case now as your ITR has already been processed, you need not file a rectification.
Moreover, as the shares were gifted using online means, you’d have appropriate records for the same and hence, if a query arises in future, you can show them as proof.
Tax authorities may impose penalties or fines for failing to report income, including gifted income. The exact amount can vary based on the tax laws in your country and the nature of the non-disclosure.