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?
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Transferring Money to Mother and Father Separate Accounts - Taxable?
Replies (4)
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
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