POSTED BY February 12, 2013 2:16 am ONE COMMENTON
my father earns 12 lakh per annum. i am major. i study outstation. he gives me 20,000 per month(2.4 lac a year) for rent, house hold expenses etc. can he deduct this 2.4 lac from his income as a gift to his child.Does he need to show proof of this?
Also can i file itr with 2.4 lac as annual income showing some deductions under various sections?
if yes, what source of income i need to show?