How much amount can a father transfer to his daughter, not dependent, for expenses.
Menu
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.
Recent Topics :
- GSTR1 amendment Bulk bills
- Capital Gain on Sale of Gold
- GST SALES RETURN MISSING 2025-26 FY
- Enquiry on FAST-DS system generated email
- Capital gain on sale of agriculture land
- Demand from TRACES
- FY 2025-26 ITC CLAIM DUE DATE
- 96084000 and 48202000 HSN code ka Tax Rate kya hai
- Clarifications for intra day transactions
- CA FINAL FR FINANCIAL INSTRUMENTS (Ind AS 109) Dou
Related Topics :
CAclubindia
