POSTED BY November 12, 2012 6:02 pm COMMENTS (17)ON
It is understood that any interest earned by money/property gifted to mother(who happens to have no income hitherto), if under the limits of exemption (i guess 2L) is tax free. I also have the gift deed generated wherein it is stated that I transfer 25k monthly into my mothers account, which is being used as a recurring deposit installment in her account itself.
My question is do I intimate the bank about the gift deed so generated and save on the TDS they might cut. How do I go about declaring that to bank. Or the only channel is to file an ITR claiming refund on pretext of the deed later on.
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