transfer of money to parents
This query is : Open
sumit gupta
(Querist)
07 March 2010
if I transfer the money to my parents bank account , would that fall under the section 56 of the Income tax act, as a gift and not taxable in the hands of the parents?
Nilesh Shah
(Expert)
08 March 2010
Nilesh Shah Writes:
It will not be considered as gift in the hands of your parent.
Section 56 exempts gifts to any lineal ascendant or descendant of the individual.
Sincerely,
Nilesh Shah
It will not be considered as gift in the hands of your parent.
Section 56 exempts gifts to any lineal ascendant or descendant of the individual.
Sincerely,
Nilesh Shah
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