Till now I used to get all the income from my work in my parents bank account as I was below 18. Now I’ve opened my own bank account and will be investing that amount.
My parents transferred me 2 lacs and I read that income from relatives like parents aren’t taxable so how and where do I need to show this income/gift from parents? And any conditions attached to this when any amount is transferred from a relative to us? I’ve confusion around this. Please help me clarify
And secondly what proof do I need to keep?