06 August 2015
I transfer Rs.100000 from my bank account to my father's bank account by cheque. Kindly know me what is the procedure I have to make for IT Return. Is it Taxable or not? I file return of both me(ITR-2) and my father(ITR-4) so what are the effect in both.
Gift to your father will fall under gift to relatives under section 56(2) of the Income tax act. It is neither taxed nor to be anywhere in the Income tax return.
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