Give my saving money to parent mother or father
This query is : Resolved
29 November 2016
Hi ,
Can i give 3-4 lack money to my parent from saving ( salary saving ).
1) Are they need to show it in ITR
2) Do they need to pay tax .
3) In future if thet want to give back in case of odd time , do i need to show as income that time and again need to pay tax.
thanks
vikas
Can i give 3-4 lack money to my parent from saving ( salary saving ).
1) Are they need to show it in ITR
2) Do they need to pay tax .
3) In future if thet want to give back in case of odd time , do i need to show as income that time and again need to pay tax.
thanks
vikas
CA. Vinodh Kothari
(Expert)
29 November 2016
Money paid to your parents from your tax paid income is not taxable in the hands of your parents.
If your parents income is more than Rs.250000/- (excluding the amount given by you to your parents) then only they need to file Income Tax Returns else not required file income tax return.
VK
If your parents income is more than Rs.250000/- (excluding the amount given by you to your parents) then only they need to file Income Tax Returns else not required file income tax return.
VK
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