income tax problem
This query is : Open
Ravi Srivastava
(Querist)
31 May 2017
I'm service man. i have take a personal loan of 5 lakh Rs and now I want to give this money to my mom for payment of balance amount of her property in local authority.
how can I do?
what is tax treatment for mom & me?
CA Rashmi Gandhi
(Expert)
31 May 2017
If you give money to your mom in form of gift then tax liability arises as gift to relative is exempt.
Execute a gift deed & transfer money.
Message likes :
2 times
Ravi Srivastava
(Querist)
01 June 2017
thanx mam.
but what is tax treatment for my mom
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