I have a friend in USA whose parents are in India. In the Financial year 2011-12, he has sent his mother about Rs 3,20,000 /- as gift. His mother is 70 years old and her income on fixed deposit and other investment is Rs 1,00,000/- . Will she be taxed if yes how much?
Swapan Baksi
Yes, She will be taxed on the income which she earns from gift.
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