BusinessPhoto: NDTV BusinessHow to Document Parental Gift Money for a New Home This Diwali
During Diwali, parents often gift money to help their children buy a home, such as contributing Rs 10-20 lakh for a down payment. While such gifts from parents are exempt from income tax under the Income Tax Act, proper documentation is essential to avoid future queries about the source of funds. Gifts from specified relatives, including parents, have no tax limit and are fully exempt.
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