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
Josh
(Manager)
(124 Points)
Replied 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
(17264 Points)
Replied 24 February 2021
Gift is capital receipt. It is not income. No, you should not show under Exempt income.
Josh
(Manager)
(124 Points)
Replied 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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