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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Gift as money from parents
Replies (5)
No limit.
No limit
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.
Gift is capital receipt. It is not income. No, you should not show under Exempt income.
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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