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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Gift shown in i.t.r.
Replies (1)
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
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
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