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Old 09-07-2008, 10:38 AM
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Amount Given to Parents

Hi
I'm giving some amount of money to my parents for their needs per months as father is retireed and having very little pension..Will this amount be also come under taxable count on my income or there is any rebate on this or my father needs to pay tax for the amount which i pay in the entire year...

Thnx
Rajnish



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Old 11-04-2008, 09:55 AM
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Sorry, there is no deduction allowable for providing financial support to your parents, neither is a tax credit or any direct tax rebate payable to you.

But, if your parents are US citizens or residents and you do provide over 50% of their support and you meet the all the required tests for claiming a dependent, you may be eligible to claim a personal exemption for both of your parents.

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