Do I have to pay tax when my parents transfer 1 lakh 50 Thousand in my bank account?
2 Replies
Ashok
(Tax Payer)
(56 Points)
Replied 29 March 2023
I would suggest you have them transfer up to 50K before 31st of this month and another 50K on 1st April to enjoy tax free gift.
If you receive over 50K as gift in a FY, you need to pay tax unless you get it on occasion of your wedding.
https://incometaxindia.gov.in/Tutorials/18.%20Tax%20treatment%20of%20gifts.pdf
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