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

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Summary

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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    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.

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