Dears, If a son transfer money to his parents (10 L or 20L) should it be declared by his father/ mother as gift in the income tax filling?
If so, Should it be put up in "Income from Other sources" or "Exempt Income"?
Thank you
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Gift tax parents
Replies (5)
I do ot think so, its tax free, may be just for records you can get a affidafit made with details declaring its gift just for future reference purpose, try not makng it cash, make it account to acount so transparency is there
Gift of money to relatives is exempt from income tax. So, no need to report in ITR. But as Kaardaata said above that you should be in a position to explain the source of such gift if asked during figure assessments
best prepare the gift deed to be in safer side
As per section 56(2) of Income Tax Act, it is totally exempted from tax but you need to keep a record of the same so that it can be place before the IT Deptthe source of gift, in case of scrutiny of your account if any.
its an exempt income. so dnt forget to show it in itr under exempt income
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