Tax assumption

[whitetiger]

If i got 10 lac from my dad for doing some bussiness or startup but i dont want to pay tax on the 10 lac rupees or pay very low tax . What are the method to do so.

 

[17ysaurabh]

If you receive any amount from your parents, brothers or sisters or your wife or in-laws, then it is not taxable.
In short, you don't need to pay any tax on that.

I hope it helps!

 

[jk4u]

is it true bro

 

[17ysaurabh]

is it true bro

Yes, you can even verify the same from the Incometaxindia website.
It mentions what kind of gift is not taxable from relatives and in which situations.

 

[whitetiger]

Which document needs to prove this is gift money

 

[17ysaurabh]

Which document needs to prove this is gift money

You don't need any proof in such a scenario. You just need to mention this amount in ITR, under the exempt income, select 'any other' and mention gift from father in the description box.

Tip:
It is advised to do big transactions like these online. So that the source of transactions can be easily traced.