Do I have to pay tax when my parents transfer 1 lakh 50 Thousand in my bank account?
Menu
Tax on parents transfer money to my account
Replies (2)
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.
Recent Topic
- 194JB INCOME
- Filing ITR3 where income under section 44AD with L
- What is superannuation fund
- GST Refund of input services under Inverted Duty S
- Dividend Reporting
- Real operational bottlenecks after firms use Tally
- Purchase return under gst
- Long Term Capital Loss - cannot be carried forward
- Cross-utilization of ITC between Trading and Resta
- Form 121 eligibility for non deduction of TDS for
Related Topics
CAclubindia
