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Gift to sister

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RAJANNA K V

GM Civil

58 Points Posted on 01 November 2022

Dear sir,

I want to gift some amount of money to my own sister. Please let me know how much money I can transfer to my sister's bank account without paying tax.

Rgds

Rajanna K V

Replies (5)

Quick Summary

This discussion clarifies the tax implications of gifting money to a sister. While there's a common understanding of a £50,000 exemption limit, it's confirmed that gifts between blood relatives, such as siblings, are generally exempt from tax without any upper limit. It's advisable to prepare a gift deed for larger amounts as a precautionary measure.

Sandeep Jain

Pivate

1492 Points Posted on 02 November 2022

Rs.50000 but better to prepare Gift dead.

sabyasachi mukherjee

Profession

28271 Points Posted on 02 November 2022

Rs. 50000 is exempted but it's a blood relation.

RAJANNA K V

GM Civil

58 Points Posted on 02 November 2022

Dear sir,

My sister is blood relation only, that is born next to me. So in this case also only 50000 Rs is exempt from tax?? But I heard from my friend one can gift any amount to blood relation persons( ie own sister/brother etc). Please clarify further.