From NDTV
Center-Right Owned by Adani Group (AMG Media)Parents Gave You Money for a New Home This Diwali: How Should You Document the Transfer?
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Gifts from specified relatives, including parents, are tax-free, while gifts from non-relatives are generally taxable if their total exceeds the prescribed threshold. Here's why you should still document the money transfer and declare it in ITR.
— Livemint
RSS excerpt
Parents gifting money for your new home this Diwali? Understand the documentation, tax exemptions, bank transfer records and costs to keep your property purchase financially hassle-free.
