Credit card statements and income tax return

Querist : Anonymous (Querist) 11 December 2011 This query is : Resolved
Dear Resource persons,

Please guide me.

Thanks

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Raj Kumar Makkad (Expert) 11 December 2011
You have to submit all credit card statements for the purpose of Income Tax purpose as per rules and you cannot escape from this statutory liability.

Guest (Expert) 11 December 2011
If you don't account for the income and expenses properly, you can be penalised for concealment of your income to evade tax. Reayment of credit card expenses are accounted for but sources of such cash income are not revealed. So, how you would be able to justify whether you have cleared your tax liability or not?

Querist : Anonymous (Querist) 11 December 2011
That's what I am asking sir.

Raj Kumar Makkad (Expert) 11 December 2011
If your mother is also income tax assessee then definitely she is liable to show the gift amount in her return and if she is not having such income to be shown in IT return then there is no problem and you can only show this in your income. An affidavit from your mother confirming the gift shall suffice.

Guest (Expert) 11 December 2011
Unless you show the gift amount in your Tax Returns, anybody can get doubt about income from unknown sources, if not properly accounted for. You could also have shown the gift amount in your IT Return to have that properly accounted.

prabhakar singh (Expert) 11 December 2011
Are your mother and brother also income tax assesses.???????

Devajyoti Barman (Expert) 11 December 2011
I do not think it needs to mentioned.

prabhakar singh (Expert) 11 December 2011
That is true Mr. Barman! but the question was raised due to his own concern realized in his own query.Will you read him please his own words"My mom had given me the money from her household expesnes and that gift money may not have been reflected in her IT returns. "

Raj Kumar Makkad (Expert) 11 December 2011
This question had already been asked by me while replying to the author so there is no specific need to ask same question by other expert.

malipeddi jaggarao (Expert) 12 December 2011
Are you already Income Tax Assessee? who has pointed this? If the cash payments are insignificant, you can ignore the matter. If the tax authorities point out, you can give a suitable reply at that time.

Shailesh Kr. Shah (Expert) 12 December 2011
There is no need to show gift amount in the IT return of your mother and brother, since it is capital nature.

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