I request you to inform if the son pays an amount of RS20000/- TO HIS FATHER TOWARDS HIS MEDICINES AND MEDICAL CHECKUP, WHETHER THE FATHER HAS TO SHOW THIS AMOUNT IN HIS INCOME OR IF FATHER SENDS RS20000/- TO HIS SON FOR HIS SON'S EDUCATION AS A GIFT [FOR GRAND CHILD], WHETHER THE SON HAS TO INCLUDE THIS IN HIS INCOME. SHALL BE VERY MUCH THANKFUL IF ANYBODY CLARRIFIES FOR THIS 2. IS IT THE FINANCE MINISTRY'S INSTRUCTIONS THAT W.E.F 1/4/2007,ALL THE INVESTMENTS MADE IN BANK/MF ETC SHOULD BE NOTED WITH PAN NUMBER FOR ANY AMOUNT? SHALL BE THANKFUL IF ANYBODY CLARRIFIES ON THIS. S.LAKSHMANAN
RE:money given by the son to the father
by Amitabh on Apr 03, 2007 03:31 PM Permalink
Any gift received in excess of Rs 25000 is taxable.However gifts received from relatives as defined in the act are excluded.Gifts made by father to son or vice versa may be shown in the return as incomes exempt from tax just for record and no tax is to be paid on the same.
RE:RE:money given by the son to the father
by Amitabh on Apr 06, 2007 04:00 PM Permalink
As per the new provisions introduced in this year's budget,the amount of Rs 25000 has been raised to Rs 50,000.However,if in the aggregate,any amount more than rs 50,000 is received,whole of it would be taxable,unless received from a relative as defined in the relevant provision.
