Respected Learned Members of the CAClubIndia Community,
Namaskar,
A Hindu person came up with a query. Brief background is as follows -
1. A retired super senior person lives with his “non-dependant” son
2. Super senior person gets monthly pension in his personal bank A/c
3. Because of advanced age, he has difficulty in going around
4. His “non-dependant” son takes care of him and all household needs
Query -
If super senior person transfers some amount (say Rs. 20000 per month) to A/c of “non-dependant” son as reimbursement/repayment of miscellaneous household expenses already borne by his son, then in which head can the “non-dependant” son receive that money for showing in ITR? And as this Rs. 2,40,000 total annual amount is neither income, nor loan, nor gift, so are there any tax implications?
This seems to be a common query of many Indian families. Any guidance and comments by the Learned Members are highly appreciated. Thanks.
CAclubindia
