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income tax problem

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Ravi Srivastava

Ravi Srivastava (Querist)
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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

CA Rashmi Gandhi (Expert)
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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.

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Ravi Srivastava

Ravi Srivastava (Querist)
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01 June 2017 thanx mam. but what is tax treatment for my mom

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