My 75 years Father transferred 40 Lacs to My Mother 71 years for her financial security in his absence through bank Transfer .
My Mother invested 40 lacs in new FD .
Amount is reflecting in her SFT 005 purchase of Time Deposits
I am aware gift and transfer from Specified Relative is Tax free
As the amount is high and already reflecting in SFT as compared to the amount in her past filed ITR , it may attract scrutiny or Notice
Do I need to declare it proactively under exempt income of her ITR 1 to avoid unnecessary complication to my old parents .
Your kind advise is Welcome to help my parents and there are different views on this over internet and CAs i consulted some say declare in ITR some say Nor required