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gift ..
by Redif is great on Jul 16, 2008 04:10 PM   Permalink | Hide replies

i'll send 10k to my father my month. i am paying tax on that amount. do my father need to show that amount as income from gift while filing returns ?

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  RE:gift ..
by shashank shiromani on Jul 16, 2008 10:16 PM   Permalink
Sending money to parents for their expenses does not amount to gift. Even if it is considered gift, there is no gift tax on gifts given to close relatives like parents, children, spouses etc.

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