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| *Ostroff, Fair and Company>>>Other Taxes |
Whether gift deed is required to be filed with the return ? |
Whether gift deed is required to be filed with the return ? I do not believe you have to file the gift deed with the return. I'm trying to think why you would think it was required and nothing comes to mind. You'll want the document on record in case of audit but you don't have to prove your home deed every time you itemize. Be warned, I'm not an expert, but did stay at a Holidy Inn Express last night. Income Tax Returns are nothing but declaration of your income and tax paid there on. In order to authenticate the returns, we submit supporting documents like Statements of Income and Expenditure, Balance Sheet even for Individuals. To an extent, Form 16 of the Salary class is also a supporting document to the Returns. Thats all. It is absolutely not mandatory to file a the Gift Deed along with your Statement of Income and Expenditure submitted along with the Income Tax Returns. But it is always adivisable and prudent to give the necessary documents/evidence for those transactions mentioned in the statements to have a smooth and free assessment by the assessing officer. Hence you may submit a copy of your gift deed along with your returns. If you have not submitted and the situation warrents, the assessing officer may send a demand notice for the same to file a copy of Gift Tax, by when you have to do it. Its ultimately at your discreetion when filing your returns. PS: First of all, the Departments wants you to declare your income thru a return. Once done, it will take care from there on to make you pay for each piasa you earn ;)) |
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