I am planning to borrow a sum of more than 20 lacs from my mother due to an emergency.
She is a widow and has no means of income apart from the savings that she has.
I have couple of questions:
1. Is simple online bank transfer is the best way to transfer money? or through gift deed?
2. What are the tax implications for my mother and for myself?
3. What kind of documents should be maintained while borrowing the money from indicating the same while filing income tax returns?