177+ Lawyers are online 
What is the limit of money transfer to parents through gift deed
02-May-2023 (In Tax Law)
Want to transfer my money (taxed income) to my parents for Fixed deposit on their name, to get monthly income for them I see some says 1 lacs, some say no limit could you please help on what law exactly says? Questions:- 1) what is the maximum limit per year they can get as a gift from their kids? OR is it unlimited? 2) Do they need to declare this gifted amount received from their kids on their income tax returns at the time of filing income tax return? if so what is the tax slab?
Hi
Their is no limit to transfer/gift to parents, if it is the taxes amount in your hands.
And the gift received by your parents are also not taxed to the extent of 2.5L/3L it's deponds on their age. Further, they have to file returns, even you have to show in your returns that you have gifted & it is already taxed.
Their is no limit to transfer/gift to parents, if it is the taxes amount in your hands.
And the gift received by your parents are also not taxed to the extent of 2.5L/3L it's deponds on their age. Further, they have to file returns, even you have to show in your returns that you have gifted & it is already taxed.
Helpful?
16+
16+
Adv. Nagendra Prasad
Bangalore | 100+ Answers
CONTACT NOW
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Tax lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
