I'm working in a different city from my hometown. Every month I send some money to my parents for their monthly expenses. Can I claim deduction in income tax in itr 3 or can I show it as expenses? Thanks
4 Replies
NARENDRA
(ACCOUNTS MANAGER)
(1994 Points)
Replied 25 July 2023
Neither deductions nor expenses you may claim. This all money you sent to your parents for the basic needs. you are working means a salary based i assume . But you can not claim either deductions or expenses in your ITR.
Archana
(12 Points)
Replied 26 July 2023
Not salaried but a professional. Hence wanted to know if i can claim it as expenses in my balance sheet
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 26 July 2023
No , You Can not claim any payment made to related person ( it includes Reletive) as expence as per section 40A(2) of the income tax Act.
sabyasachi mukherjee
(27574 Points)
Replied 27 July 2023
No not possible except medical expenses or insurance premium.
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