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Yogi Zone

Useful articles for your finance management by our team of experts

taxes on gifts to family

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Question:

I had transferred money to my mother via cheque as a gift. What kind of documentary proof/affadavit is required – just in case it is required to be shown to income tax department in case of scrutiny ?

 

Answer

Gift to mother is exempted from income tax. Therefore, you needn’t bother about affidavit or documentary proof.

 

 

 

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