22 July 2012
Gift received from parents is exempt from tax. . In parents return it will not directly appear. In case your parents are filing ITR 4 then it will appear indirectly in the form of a reduced balance of Capital Account in the Balance Sheet. . The unique TDS Certificate No is generated when we file an e-TDS Return and download Form 16A text file from the NSDL website. .
22 July 2012
@ Sanyam Arora . Only Individuals can be parents. . In the return of income, which is nowadays is being called as an ITR, there is no suitable place to specify the gifts made, as far as the return of the donor is concerned. . You can not show it even by way of showing first as Income and then Less: Exempt. . When a parent gifts his assets reduces and the corresponding effect is reflected in his/her Capital Account. As such, the impact of gift is compensatory in nature and its effect can only be perceived, it can not be shown. .
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