How much amount can a father transfer to his daughter, not dependent, for expenses.
Menu
Amount Transferred to Children
Replies (6)
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.
But is it taxable to recipient, that is my daughter
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.
You may consider it as a loan which doesn't require formalities and even it is not taxable
Transfer any amount as gift no tax liability arises for both.
There is no cap on amount transferred to children.
Recent Threads
- EPF balance in AL schedule
- Tax save in gst
- STCG & LTCG Rate changes in the middle of FY 2
- Exemptions under New Tax Regime
- ITR-2 Payment Made but Status Not Updated
- Need help for ITR filing
- ITR Updated returns. Time limit for filing
- ITR 2 Processed and Refund Credited to Bank
- Freelancer or Salaried
- LTCG Tax and Indexation on Debt Mutual Funds Sold
Related Threads
CAclubindia
