Gift to mother

Tax planning 186 views 3 replies

Sir, If I gift money to my mother through bank account transfer (or cheque) then for tax purpose do I need to maintain any document for this ? Or the bank records are sufficient to answer any future income tax scrutiny ?

My mother is planning to use this amount for senior citizen FD. I understand that clubbing provision doesn't apply when money is gifted to parents.

Thanks.

Replies (3)
yes you can do. Bank records are sufficient
good clarification and information
You mention gift to Mother in Return's and in Mother's Return you have to mention receiving of Gifts. You have to mention all these in ITR of both persons. Similarly FD etc mentioning required.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register