I had transferred 30 lacs in my mother saving account from my saving account in FY 2023-24 (not in one go, but in 10-12 transaction...sometime i transferred 5 lacs, sometime 2 lacs etc....but in total i had transferred 30 lacs). On this 30 lacs I had already paid my tax.
My mother made FD of that 30 lacs amount in her account on which she made an interest of 1.5 lacs.
So, in her ITR should I just mention 1.5 lacs as her income from FDs and file it....or do I have to disclose the 30 lacs amount which I had transferred in her account as well. This 30 lacs should be considered as Gift ...right? As transaction happened between blood relation.
Please suggest do I have to disclose this 30 lacs in mother ITR or not.
CAclubindia
