I live away from my parents. Every month i send money to my 71 year old father in his bank account for his expenses. Is it a taxable income in his hands? Do he need to file an ITR if it is around 5 lakhs yearly
I live away from my parents. Every month i send money to my 71 year old father in his bank account for his expenses. Is it a taxable income in his hands? Do he need to file an ITR if it is around 5 lakhs yearly
No, It is not taxable to your father. No need to file ITR if his income is below taxable limit, excluding the money given by you.
He doesn't have any independant income now. Does the money sent by me for his expenses will be treated as his income and subject to taxation?
No. It is not taxable.
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