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Video instructions and help with filling out and completing gift letter format income tax

Instructions and Help about gift letter format income tax

Thank you for tuning in and welcome back to real estate advice and today's episode you learn about gift funds for a down payment and what you need to know my name is Andrew Finney please consider me your real estate geek I am always here to help if you need help finding a top agent where you live or if you simply want to drop me a line to say hello my contact info is below if you haven't already done so please go ahead and subscribe to this channel now and like this video thank you so to get the maximum impact out of this video and learn the most about gift funds for a down payment you'll want to watch this video from start to finish so let's go ahead and start talking about gift funds and what is a Gift Fund to begin with with home loans like FHA VA home loans are sometimes even like with USDA loans you can actually have family members or friends gift you money to assist you with your down payment now there are certain requirements that a lot of mortgage lenders have about this about how that takes place as far as going from a gift letter how long the funds have to be in your account can it be cash you know that kind of situation that you need to know going forward with a gift fund possibility so it's a great way for a lot of first-time home buyers to get financial assistance from their family members but the term here that's really that you really need to pay attention to is a word gift so if you're watching this video right now you're considered gifting funds to a family member or a friend understand that once you give that money to them that's because you don't have the expectation of getting it back now mortgage lenders gonna actually ask you to sign a document that says yes I'm giving this money to let's say Bob my son right and Beth his wife I'm giving this money to Bob and Beth so that they can buy their first home Bob and Beth have that off so have that money in their account and season it preferably for a minimum of 60 days so when we're talking about seasoning the funds what that means is since we had the Patriot Act passed in the early 2021. the Patriot Act was put into place and as far as home loans were concerned to make sure that none that money was going down from illicit gains from like drug money or any type of terrorist activity money to support any of those endeavors so they need to see where that money is and all monies have to be sourced so whenever you do a gift fund payment or you're going to give money to a family member or a friend or you're on the receiving end of the gifted.

FAQ

How do I fill out an income tax form?
The Indian Income-Tax department has made the process of filing of income tax returns simplified and easy to understand.However, that is applicable only in case where you don’t have incomes under different heads. Let’s say, you are earning salary from a company in India, the company deducts TDS from your salary. In such a scenario, it’s very easy to file the return.Contrary to this is the scenario, where you have income from business and you need to see what all expenses you can claim as deduction while calculating the net taxable income.You can always reach out to a tax consultant for detailed review of your tax return.
How do I submit income tax returns online?
Here is a step by step guide to e-file your income tax return using ClearTax. It is simple, easy and quick.From 1st July onwards, it is mandatory to link your PAN with Aadhaar and mention it in your IT returns. If you have applied for Aadhaar, you can mention the enrollment number in your returns.Read our Guide on how to link your PAN with Aadhaar.Step 1.Get startedLogin to your ClearTax account.Click on ‘Upload Form 16 PDF‡ if you have your Form 16 in PDF format.If you do not have Form 16 in PDF format click on ‘Continue Here’Get an expert & supportive CA to manage your taxes. Plans start @ Rs.799/-ContinueWhat are you looking for?Account & Book KeepingCompany RegistrationGST RegistrationGST Return FilingIncome Tax FilingTrademark RegistrationOtherStep 2.Enter personal infoEnter your Name, PAN, DOB and Bank account details.Step 3.Enter salary detailsFill in your salary, employee details (Name and TAN) and TDS.Tip: Want to claim HRA? Read the guide.Step 4.Enter deduction detailsEnter investment details under Section 80C(eg. LIC, PPF etc., and claim other tax benefits here.Tip: Do you have kids?Claim benefits on their tuition fees under Section 80CStep 5.Add details of taxes paidIf you have non-salary income,eg. interest income or freelance income, then add tax payments that are already made. You can also add these details by uploading Form 26ASStep 6.E-file your returnIf you see “Refund” or “No Tax Due” here, Click on proceed to E-Filing.You will get an acknowledgement number on the next screen.Tip: See a “Tax Due” message? Read this guide to know how to pay your tax dues.Step 7: E-VerifyOnce your return is file E-Verify your income tax return
How do I fill taxes online?
you can file taxes online by using different online platforms. by using this online platform you can easily submit the income tax returns, optimize your taxes easily.Tachotax provides the most secure, easy and fast way of tax filing.
How do I fill out the income tax for online job payment? Are there any special forms to fill it?
I am answering to your question with the UNDERSTANDING that you are liableas per Income Tax Act 1961 of Republic of IndiaIf you have online source of Income as per agreement as an employer -employee, It will be treated SALARY income and you will file ITR 1 for FY 2017–18If you are rendering professional services outside India with an agreement as professional, in that case you need to prepare Financial Statements ie. Profit and loss Account and Balance sheet for FY 2017–18 , finalize your income and pay taxes accordingly, You will file ITR -3 for FY 2017–1831st Dec.2021 is last due date with minimum penalty, grab that opportunity and file income tax return as earliest
Can anybody give me a letter format for reply to the notice received from Income tax department?
First there is no need to panic when you receive a letter from income tax department .Stay calm and read thoroughly the entire notice if you can and make something out of that..Response to a notice depends on under what section of the Income tax act it is issued.Even under same section different types of notice can be issuedFor exampleNotice can be issued under 142(1) asking you to file returns electronically - you have to file a return In such case and you can give the reply electronically once you filed the returnNotice under same section can be issued asking you to present the documents as asked by the income tax officer- you have to present all the documents asked by ITO on date specified by him.Notice under section 143(1) can be issued when your return is processed and if there is outstanding tax payable - Then you can give reply electronically whether you accept it or notThus your response depends on actual purpose of noticeEither message me or you can very well take help of a Chartered accountant !!!
How can I fill out the income tax return of the year 2016-17 in 2018?
There is no option to file online return but you can prepare an offline return and went to the officer of your jurisdiction income tax commissioner and after his permission you can file the return with his office.
How can I do my income tax return filing without the help of an auditor?
You can do the same, by using online tools available, free chat forums and with the help of professionals that are ready to help at Quora. Even i try to answer all the queries that are posted on QuoraHowever, a word of advise, do not try to do your self. The filing of return, apparently has been simplified. But the correlation in returns from external source of information is so much that filing one-self(unless you are a professional) can be dangerous
How do I file my income tax myself?
Greeting Friends !!!If you are going to file it yourself, then following is the procedure:-Before you start the process, keep your bank statements, Form 16 issued by your employer and a copy of last year's return at hand. Next, log on to http://incometaxindiaefiling.gov...Follow these steps:Step 1: Register yourself on the website. Your Permanent Account Number (PAN) will be your user ID.Step 2: View your tax credit statement ‡ Form 26AS ‡ for the financial year 2015–16 . The statement will reflect the taxes deducted by your employer actually deposited with the I-T department. The TDS as per your Form 16 must tally with the figures in Form 26AS. If you file the return despite discrepancies, if any, you could get a notice from the I-T department later.Step 3: Under the 'Download' menu, click on Income Tax Return Forms and choose AY 2018–19 (for financial year 2017–18 ). Download the Income Tax Return (ITR) form applicable to you.Step 4: Open the downloaded Return Preparation Software (excel or Java utility) and complete the form by entering all the details , using your all documentsStep 5: Ascertain the tax payable by clicking the 'Calculate Tax' tab. Pay tax (if applicable) and enter the challan details in the tax return.Step 6: Confirm all the information in the worksheet by clicking the 'Validate' tab.Step 7: Proceed to generate an XML file and save it on your computer.Step 8: Go to 'Upload Return' on the portal's left panel and upload the saved XML file after selecting 'AY 2018-2021 ' and the relevant form. You will be asked whether you wish to digitally sign the file. If you have obtained a DS (digital signature), select Yes. Or, choose 'No'.Step 9: Once the website flashes the message about successful e-filing on your screen, you can consider the process to be complete. The acknowledgment form ‡ ITR—Verification (ITR-V ) will be generated and you can download it.Step 10: you can Verify online with EVC Pin or Take a printout of the form ITR-V , sign it preferably in blue ink, and send it only by ordinary or Speed post to the Income-Tax Department-CPC , Post Bag No-1 , Electronic City Post Office, Bangalore - 560 100, Karnataka, within 120 days of filing your return online.Its Advisable to go with CA help for filling Tax return. There are lots of amendment come in every year, to file accurate return and Tax planning benefit etc so Prefer to go with expert like CA, Tax Preparer etc…Be Peaceful !!!