I need some guidance regarding income tax filing. I transferred total ₹11,000 from my mother’s bank account to my Paytm wallet in 1 year. I don’t have any other source of income.
Do I need to file an ITR for this transaction? Is this something I need to report?
Thanks in advance for your help!
No, you do not need to file an ITR or pay taxes on the ₹11,000. Money received from a mother is a tax-free gift, and since you have no other income, you fall well below the mandatory filing limit.
Is there any necessary to report this transaction ?
While you don't need to report it now, it is always a good practice to keep a simple record (like the bank statement showing the transfer) just in case the tax department ever asks about the source of funds in your wallet. For such a small amount, a formal "Gift Deed" is usually unnecessary.
Thanks for clearing my confusion, I really appreciate your help.
CAclubindia
