How much amount can a father transfer to his daughter, not dependent, for expenses.
Nimesh joshi (Office Executive ) (86 Points)
22 August 2022How much amount can a father transfer to his daughter, not dependent, for expenses.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(161401 Points)
Replied 22 August 2022
There is no cap in any act. Depends upon standard of living.
The amount is non deductible from any income, i.e. it should be after tax liability, if any.
Nimesh joshi
(Office Executive )
(86 Points)
Replied 22 August 2022
But is it taxable to recipient, that is my daughter
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(161401 Points)
Replied 22 August 2022
No. Because you are her "relative" as per sec. 56(2) of IT act....
Its advisable to give her through any banking channel, but not by cash.
Eswar Reddy S
(CFO- at NHTF)
(58221 Points)
Replied 22 August 2022
CA Rashmi Gandhi
(Chartered Accountant)
(86285 Points)
Replied 22 August 2022
sabyasachi mukherjee
(26339 Points)
Replied 23 August 2022
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