Dear friends, I want to give cash of2.50 lakh to my mother. She is house-wife / unemployed. My quwry is that whether the cash gift inlcuding interest would be clubbed / treated as my income for the purpose of taxation. If so, what is the wayout .. Pl advise... Thanks & regards
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Cash gift to mother
Replies (2)
No probs friend. Gift will not be taxed as mother comes under relative definition. Interest income will not be clubbed with your income as there is no provision regarding mother and son in section 60-64 of Income tax act.
| Originally posted by : Deva R | ||
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No probs friend. Gift will not be taxed as mother comes under relative definition. Interest income will not be clubbed with your income as there is no provision regarding mother and son in section 60-64 of Income tax act. |
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agreed
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