Advance from son

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 July 2012 My son gave me 8.00 Lakhs as advance free of interest and the same is refundable to him as and when he needs for construction of a house. I put that amount in FDR for two years as I am senior citizen (entitled to earn one per cent interest more than the ordinary customers). This is not gift. This amount must be repaid to my son on demand. Please let me know if this 8.00 lakhs attracts income tax ? Please advis me suitably

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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09 July 2012 Loan from son or gift from son, both are NOT taxable in the hands of the parent.

So, you do not have to worry about any tax liability.

Querist : Anonymous

Querist : Anonymous (Querist)

09 July 2012 Thank you sir

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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09 July 2012 You are welcome. You should use the thanks button to convey your thanks.

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