Can I claim some tax rebate for money given for senior citizen parents

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25 Points Posted on 01 August 2022

I have been transferring Rs. 20,000 every month since past 1 year and will be continuing to do so for my parents upkeep. I want to check if I can claim rebate for this in my income tax return to save some tax. Both parents are senior citizens.

thanks.

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On 01 August 2022 at 14:16 Report
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Quick Summary
This discussion explores whether an individual can claim an income tax rebate for monthly financial support provided to their senior citizen parents. The consensus suggests there is no specific provision under current income tax laws to claim such a rebate directly for money given to parents for their upkeep. While the intention is commendable, tax benefits for this type of support are not explicitly available.

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134 Points Posted on 01 August 2022
No provision under IT
1 Reply
On 01 August 2022 at 14:40
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Chartered Accountant
86505 Points Posted on 01 August 2022
No such provision.
2 Reply
On 01 August 2022 at 16:44
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2 Points Posted on 04 August 2022
623.2
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On 04 August 2022 at 09:50

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