My friend is an engineering student earning salary and he sent some 40000/- per month to his fathers saving account. Whether his father has to pay Income Tax on the receipt of 40000/- per month from Son. What are the papers that need to be filed to Department to confirm that payment is received from son and Employer has already deducted Tax from his salary.
02 December 2018
His father need not pay any tax on money received from son, it will be considered as gift exempt from tax. No paper need to be filed with department.
02 December 2018
No tax is to be paid by father. No documents is to submit with Department. For your own documentation purpose, please retain Passbook entries of Both person, showing details of these entries/ Transfer
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