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
Recent Topics
- Urgent doubt on GST
- Profit or Loss on Sale of Assets Accounting treatm
- Clarification on RCM on Rent Payment for QRMP Deal
- Reclaimed itc in gstr9
- Gamification in Accounting Software: Boosting Enga
- I want to knw Hsn code and gst rate of resin produ
- Schedule FA clarification
- Income tax on freelance income from crypto
- ITC temporary reversal and reclaim
- Query on Transactions
Related Threads
CAclubindia
