Received a large sum from parents this Diwali? Check the tax rules and why you should document the money transfer

Published 08 Nov 2026, 14:46 IST

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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

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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.

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NDTV Center-Right Adani Group (AMG Media) 08 Nov 2026, 11:32 IST

Parents Gave You Money for a New Home This Diwali: How Should You Document the Transfer?

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.

Compare on Varta → Read at NDTV ↗
3 hours later
Livemint Center-Right HT Media Ltd. Current article 08 Nov 2026, 14:46 IST

Received a large sum from parents this Diwali? Check the tax rules and why you should document the money transfer

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.

Read at Livemint ↗