Respected CA Community,
Greetings !
I have few basic queries around giving money to father (who is a retired govt. employee and his only source of income is the interest that he gets from his retirmenet money) :
(1) I plan to give around 10 lakh INR to my father. Do i need to mention this in my ITR when i file income tax return next year ?
(2) Does my father needs to mention this in ITR that he received money from me?
(3) Does he has to pay Income Tax on INR 10 lakh?
(4) Do i need to do any paper work for giving money to my father or i can just simply transfer the money to his account?
(5) Any other thing i need to know regarding giving money to my father?
Look forward to your responses. Thanks in advance.
Reagrds
- Sanchita
CAclubindia
