Gift as money from parents

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40 Points Posted on 22 February 2021

How much amount in a FY I can give to my married daughter as gift through Bank transfer and any limit for a single transaction.

 

 

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On 22 February 2021 at 10:55 Report
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This discussion clarifies the limits on gifting money to a married daughter via bank transfer in the UK. While there's no explicit monetary limit for gifts from parents, it's advisable to declare significant amounts as exempt income on your daughter's tax return. This helps prevent potential scrutiny later on, even though gifts are capital receipts and not taxable income themselves.

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17269 Points Posted on 22 February 2021
No limit.
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On 22 February 2021 at 11:59
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Chartered Accountant
24588 Points Posted on 22 February 2021
No limit
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On 22 February 2021 at 21:10
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Manager
124 Points Posted on 23 February 2021

There is no limit. But it is advisable to show the money as exempt income in the return of your daughter, if the amount is significant.

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On 23 February 2021 at 18:10
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17269 Points Posted on 24 February 2021

Gift is capital receipt. It is not income. No, you should not show under Exempt income. 

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On 24 February 2021 at 12:01
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Manager
124 Points Posted on 24 February 2021
I think this is basically to avoid scrutiny at a latter stage. There are several news articles where it is mentioned that it is advisable to disclose in the return. Providing for reference. https://www.financialexpress.com/money/income-tax/your-queries-no-tax-on-gift-from-relative-but-show-it-in-itr-under-exempt-income/1856135/
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On 24 February 2021 at 13:03

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