Transfer between blood relatives is exempt from gift tax 

2) Amy income earned on such transfer is liable for tax 

3) If an individual forgets to file their ITRs, it can invite a penalty of up to ₹10,000. Besides this, a delay or pause in the filing of income tax returns also makes you liable to pay interest on the taxable amount you owe the government.

4) Where the Assessing Officer has in his possession books of account or other documents or evidence which reveals that the income chargeable to tax, represented in the form of:
(i) An Asset;
(ii) Expenditure in respect of atransaction or
in relation to an event or occasion; or
(iii) An entry or entries in the books of
account.
which has escaped assessment amounts to oris likely to amount to Rs. 50 lakhs or more.
Notice can be issued beyond a period of 3 years but not beyond the period of 10 years from the end of the relevant assessment year.

5) consult a local CA 

1. ITO cannot seek returns more than three years back. 

2. Penal interest of 1 % per month will be charged on income if earned. 

3. Only money transfers between father and son/daughter will not give any tax implication. 

4. He has not committed any offence, question of prosecution does not arise. 

5. No lax liabilities arises for transfer of money between blood relations. 

1. The said transfer of the amount may be considered as gift , and the gift given to blood related is exempted from the tax. 

- Maximum 3 years, 

2. NO

3. Income on the gift amount in the form of interest even can attract tax.

4. NO

5. No

Dear Client,

In matters of gift tax, transfers between blood relatives are exempt from taxation. However, it is important to note that any income earned through such transfers is still subject to taxation. Failure to file your Income Tax Returns (ITRs) can result in a penalty of up to ₹10,000, and delayed or paused filing can also incur interest on the taxable amount owed to the government.

In cases where the Assessing Officer possesses books of account, documents, or evidence revealing income that has not been assessed and amounts to or is likely to exceed Rs. 50 lakhs, further action can be taken. Notice can be issued beyond a period of 3 years but not exceeding 10 years from the end of the relevant assessment year.

If faced with such complexities or uncertainties, it is advisable to seek guidance from a local Chartered Accountant (CA) who can provide professional assistance and advice tailored to your specific situation.

1. Seven years time when IT can investigate the matter and can impose tax, penalty to the tune of 300 times etc. 

2. Yes, you have not filed income tax nor paid applicable tax. 

3. It depends upon your computation of income filed with IT return. Your bank statement speaks everything. Consult a CA at local level. 

4. Yes and after his death if happened within 7 years then you shall be liable to pay taxes, penalty etc.

5. As such nothing wrong nor illegal but Income tax has not been filed which attract penal consequences. 

1.  if you receive gifts/presents from your parents, spouse, siblings, or other close relatives such as your in-laws, there is no tax liability. Again, this exemption from gift taxation is applicable no matter what their value is.

2. Under the definition provided by the Income Tax Act, a “gift” can be in the form of money and movable/immovable property that an individual receives from another individual or organization without making a payment. Any gift by way of money between the family members is exempt fro tax.

3. If you are found guilty then you will be penalised as per prescribed law.

4. The ITR should reflect the money transactions of the financial or assessment year accordingly failing to do so he will be liable.

5. You can discuss with your auditor about this and proceed as suggested.

Your daughter should not responding to notices

2) if she has no income not liable to pay any tax 

3) daughter can be held accountable if there is income escaping assessment 

4) she can be asked to furnish details of ear,sir years 

5) consult a local CA 

A. No but she shall be liable to pay IT and penalty etc to the tune of property inherited. 

B. Yes, she may be asked to produce all bank accounts etc including of her also. 

C. No. Authority has power to seize all bank accounts, passport, etc.

D. Yes. 

E. Cancellation of passport, red corner notice, seizure of all bank accounts etc. 

1.  No, your daughter is not held liable for your income tax liability.

2. No.

3. Yes, she can

4. No, until and unless she has evaded taxes in India, she cannot be questioned about her foreign ITRs

5. If there is no case maintainable then where is the question of any consequence, this answer is based on the contents of your query

1. It is advisable for your daughter not to respond to notices.

2. If she has no income, she is not liable to pay any taxes.

3. Your daughter may be held accountable if there is any income escaping assessment.

4. She can be requested to provide details of her earnings in previous years.

5. It would be beneficial to seek advice from a local Chartered Accountant (CA).

A. She can mention that such transfers in the account was taken place due to making a credit score for loan purposes by the fund of father 

B. Yes, However if she has shown the interest accrued by the FD in the ITR , then  she can mention that the said amounts were gifted by the father , and due to non acceptance by her , the amount returned to him accordingly 

C. She should reply the notice 

D. No

E. Penalty can be imposed , if property reply will not given to IT department. 

The above transaction can be treated as gift and be taxable to you in your return