a mother does not file itr
she gave 4 lac rs from her bank account to his son
son uses that money to repay his home loan
what are the tax implications on mother and son
please reply?
3 Replies
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 22 June 2021
If mother has no taxable income then she is not compelled file ITR. Any money given by mom to son is exempt from tax.
veerendar singh
(tax consultant)
(3306 Points)
Replied 22 June 2021
No impact on mother and son with respect to gift.
the son can claim deduction of interest under section 24.
but i am not sure about 80c deduction on principal relayment of homeloan. since it is not paid out of his own taxable income the deduction may not be available. you may consult an expert on this aspect.
the son can claim deduction of interest under section 24.
but i am not sure about 80c deduction on principal relayment of homeloan. since it is not paid out of his own taxable income the deduction may not be available. you may consult an expert on this aspect.
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