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?
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Untaxed income transfered
Replies (3)
Quick Summary
If mother has no taxable income then she is not compelled file ITR. Any money given by mom to son is exempt from tax.
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.
It is exempt from tax
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