How much amount can a father transfer to his daughter, not dependent, for expenses.
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Amount Transferred to Children
Replies (6)
Quick Summary
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.
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