Gift to mother-

S Nagar (Finance Professional) (76 Points)

31 January 2013  

I had transferred Rs 20 lacs to my mother last year. She created an FD form that amount which has now get matured. I need the money now to pay for my housing loan installment. If my mother transfers back this money to my account ( 20 lacs + interest earned on FD)  , what will be the taxability of this amount in my hands. Are there any affadavits required for the gift