No amount received from parents is not taxable. No, it is just a capital receipt
Hi, I am in process of purchasing a property. My parents are providing the downpayment amount Rs. X. They will credit the amount directly into my account. Following are my queries : a) Do I need to pay tax for this amount? b) If not, do I need to disclose this amount while filing tax return?
Hiii
No you need not pay tax on gift from parents
for safer side make a gift deed for above transaction
and for disclosing in ITR its depend on which ITR form you are filling
Dear Sir,
You don't need to pay any tax on this. Yes, you need to show this amount under exempt income in your ITR.
Further, it is advisable to prepare gift deed for the same.
Please feel free to call/ revert in case of any doubts
Thanks and Regards
Abhishek Dugar
CA CS B.Com
Hi,
Money or gift received from parents are not taxable, but you are required to disclose the amount under exempt income as gift received from relatives.
Dear Sir,
a) No need to pay tax. you can show the amount either as loan or as gift.
b) No need to disclose if its loan but if its gift than need to disclose the same.
No. Gift from Parents are exempted.
You can declare the same in exempted one or also ignore the same
Hi
Gift from parents is exempt from tax. Disclosure in ITR will depend on which form you are filling.
Regards
Keerthiga Padmanabhan
M.Com., CA, LLB
a) No. Any amount received as Gift from Parents is not taxable
b) Yes. You have to disclose the amount received as Exempt Income in your IT Returns for the year in which the amount is received
Hello Sir,
No money received from your parents is Tax free.
You have the disclose the amount received from them and as a precautionary measure prepare a Gift deed and keep it for your records.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP