Hello, Please let me know if I can send some funds into my retired father in law's account for routine survival expenditures - cost of living, groceries, doctor visits, etc. My father in law is retired, with no income and my mother in law is house wife. Is there any tax implication on him or me?
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Funds to Father in Law
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Quick Summary
No. There will not be any tax implementation on either of you, as the gift received from son/daughter in law is exempted under income tax act, u/s. 56(2).
| Originally posted by : Dhirajlal Rambhia | ||
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No. There will not be any tax implementation on either of you, as the gift received from son/daughter in law is exempted under income tax act, u/s. 56(2). |  |
Is a gift deed must between the two?
Here it is routine maintenance expenditure, so would not be very big amount, all through bank transfer. So. Gift Deed not needed.
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