Avail 20% discount on updated CA lectures for Dec 21 .Use Code RESULT20 !! Call : 088803-20003

ICICI

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

KAILASH (Others)     22 February 2021

Gift as money from parents

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.

 

 



 5 Replies

Kapadia Pravin

Kapadia Pravin   22 February 2021

No limit.
Sourav

Sourav (Student)     22 February 2021

No limit
Josh

Josh (Manager)     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.

Kapadia Pravin

Kapadia Pravin   24 February 2021

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

Josh

Josh (Manager)     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/

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  


Related Threads


Loading
Start a New Discussion

Popular Discussion


view more »







Subscribe to the latest topics :
Search Forum:

Trending Tags