Dear experts,
I got the PF amount Rs.2.50 lakh and 1 lakh transfer to my father's bank account to get interest benefit of senior citizen rate. My father has a professional income with refundable TDS.
Kindly know me that how to shown this amount of mine and my father's IT return.
Thanks.
Dear Friend,
Any receipt from the PF is exempt u/s 10(11). Hence yiu can show the same a exempt while filing return. In case of your father, any income from the gifted amount deposited in the bank will have to be shown as income from other sources while your father filing his return.
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