Money given to son
This query is : Resolved
24 December 2017
son is a M. TECH student at IIT ,getting scholarship. Father paid Rs 2 lakh, in a year to him for getting laptop and payment of hostel fee, fee etc. son having other income is filling return.
RESPECTED SIR, Please answer following query
How to depict Rs. 2 lakh in ITR ?
RESPECTED SIR, Please answer following query
How to depict Rs. 2 lakh in ITR ?
25 December 2017
The 2 lakh are spent on laptop and hostel fee . If it is also covers some college tutiin fee then that tution fee amiunt is tax free in the hands of father. But this 2lakh or part is not a gift any time given as gift or supported with some deed or paper of gifting. Hence 2laksh is taxable in father tax filling.
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