Tax assumption


KF Rookie
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.


KF Mentor
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!


KF Mentor
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.

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