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Gift shown in i.t.r.

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84 Points Posted on 17 December 2020
my wife(filed i.t.r.4) give gift to my son (student) every month by cheque,

whether my wife or son have to show gift givan or received in i.t.r. (mandatory to show)

how much cash gift allow wife to son?
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On 17 December 2020 at 13:31 Report
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Tax consultant
5895 Points Posted on 17 December 2020
Not mandatory
but gift should be reflected on your bank account as per the proper heading
but if you're son derived income from the gift amount that income will be clubbed with your wife if you're son is minor
1 Reply
On 17 December 2020 at 15:20


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