Does gifting money to a parent, from an IT point of view, require a gift deed?
If yes, is the gift deed to be on plain paper or stamp paper (value?)?
Will the money so gifted be added to the income of the parent and attract income tax? Can the money be freely used to buy a property?
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Gift to parent
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Does gifting money to a parent, from an IT point of view, require a gift deed? Advisable to record the gift over 100Rs. stamp paper, with the particualrs of cheque or bank transfer and acceptance of gift.
Generally, over Rs. 100/-
Certainly not.
Can the money be freely used to buy a property? Yes, free to utilize as per their wish. |
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