Transferring Money to Mother and Father Separate Accounts - Taxable?

Dear Experts, if I am transferring Rs 30k each to my Mom's account and Rs 30k to my Dad's account in a FY will my tax liability reduce by Rs 60k for that FY? OR is Rs 50k total that I can transfer to my parents in a FY?

 

Replies (4)
Quick Summary
This discussion clarifies whether transferring money to parents' separate accounts reduces your taxable income. It's confirmed that such transfers do not reduce your personal tax liability. While there's no limit on the amount you can gift to blood relatives, it's advised not to exceed £2 lakh per person per day to avoid scrutiny from tax authorities.

Transferring money to your mother and father is not taxable in hands of your parents but your whole total income is taxable after the exemption limit and Deduction in your hands or any income earned by them from those money by them then either those will clubbing with you if they are not working or filling return or if file return then they can show it if they working or getting pension or filling return

Thanks for your response, Ayusmita. Here are my followup queries:

1. If my whole total taxable income comes at 5.5L but if I transfer 45k to my dad's account then will the taxable income come down to 5.05L ?

2. in total it is 50k? or per PAN 50k in a year?

No you can't reduce your taxable income by transferring the money.

No  your taxable income will not reduced 

It will be same  

And when we give gifts to blood relation there's is no limit of 50k you can give any amount to them but as per new rule it's should not exceed 2lakhs per a single person in a day even if you do lots of transaction 

Above will be comes under IT scanner 

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
08 October 2026
Account Executive

Elite Taxation

New Delhi

CA Foundation

View Details
Company
20 September 2026
Semi Qualified CA

Navin & Associates

Mumbai

CA Inter

View Details
Company
30 September 2026
Senior Accounts Executive

Codeboard Technology

Chennai

MBA

View Details
Company
ARTICLESHIP 15 September 2026
Freelance Taxation Content Writer Intern

Interactive Media Pvt Ltd.

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 16 September 2026
Article Assistant

MANUJ SHARMA AND COMPANY

Noida

CA Inter

View Details
Company
06 October 2026
Assistant Manager - Audit and Compliance

Ravi K Jain & Co

Noida

Others

View Details
Company
Featured 11 September 2026
Audit Executive

RBSM Corporate Advisors Private Limited

Pune

CA

View Details
Company
ARTICLESHIP 28 September 2026
Junior Accountant

J S P M & Associates LLP

Pune

B.Com

View Details