This won't be a taxable income.
Hi, in the year 2016-2017, my parents transferred sums of money (2L, 50K) to my account when I needed financial help. They both have proprietorship businesses respectively. I am in the process of filing my ITR. Will this be taxable income? How should I declare this?
Hi,
You can show this money as a gift from your relatives. Gifts from relatives ate not taxable.
Please feel free to call/ revert in case you need more clarity.
Thanks and regards
Abhishek Dugar
CA CS B.Com
You have 2 options
1. Show it as a gift under exempt income n your parents will show it in their capitals as gift given.
2. Show it as a loan in your balance sheet n your parents will show it as a loan given respectively in their balance sheets.
Hi,
Gifts given by your parents to you is exempt in your hands.
Regards,
Keerthiga Padmanabhan
M.Com., CA, LL.B