Tax on parents transfer money to my account

Do I have to pay tax when my parents transfer 1 lakh 50 Thousand in my bank account?

Replies (2)
Quick Summary
Receiving a significant sum of money from your parents into your bank account can raise questions about tax liability. In the UK, gifts from parents are generally tax-free up to certain limits. However, if the total amount received within a financial year exceeds these allowances, or if it's not on a special occasion like a wedding, you might be liable for tax. It's advisable to be aware of the current gift tax thresholds and rules to ensure compliance.

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

It's blood relation exempted.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register