Give my saving money to parent mother or father

This query is : Resolved

VIJPS (Querist)
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29 November 2016 Hi ,

Can i give 3-4 lack money to my parent from saving ( salary saving ).
1) Are they need to show it in ITR
2) Do they need to pay tax .
3) In future if thet want to give back in case of odd time , do i need to show as income that time and again need to pay tax.

thanks
vikas

CA. Vinodh Kothari

CA. Vinodh Kothari (Expert)
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29 November 2016 Money paid to your parents from your tax paid income is not taxable in the hands of your parents.

If your parents income is more than Rs.250000/- (excluding the amount given by you to your parents) then only they need to file Income Tax Returns else not required file income tax return.

VK