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Gift to mother


Anurag (service)     03 August 2019

Anurag
service 
 24 points

| My Other Post

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.

avater

Kapadia Pravin   03 August 2019

Kapadia Pravin

 915 likes  14283 points

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yes you can do. Bank records are sufficient

avater

subhagan sreerangam   03 August 2019

subhagan sreerangam

 203 likes  6567 points

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good clarification and information

avater

Durgesh Mourya   04 August 2019

Durgesh Mourya

 7 likes  219 points

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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.


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