Tax Query related to Senior Citizen
2 years ago
My wife who is individual tax payer wants to give 15 Lac from her saving account to my senior citizen mother and purchase pension scheme Pradhan Mantri Vaya Vandana Yojana .
My question is related to tax implication on given money of 15 Lac:
1)Is this amount taxable in the hand of my mother.
2)Does my mother need to declare this amount in her IT returns.
A.Dear Client,
As per the facts mentioned, the amount is not taxable but you should anyways declare it in your tax returns. I would suggest you to take further issue related to this to your CA.
As per the facts mentioned, the amount is not taxable but you should anyways declare it in your tax returns. I would suggest you to take further issue related to this to your CA.
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A.Dear Sir,
It is not taxable but it is better to declare in IT Returns.
I could have explained more if background is known to me. You are supposed to give more details to get detailed answer.
Please be inform that free questions deserves to be attended on priority basis so be brief but disclose summary of your case.
It is not taxable but it is better to declare in IT Returns.
I could have explained more if background is known to me. You are supposed to give more details to get detailed answer.
Please be inform that free questions deserves to be attended on priority basis so be brief but disclose summary of your case.
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