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Check out the answer to a question from the reader:
Reader’s doubt: I do monthly pix to help my parents. In such cases, I need to declare in my Income tax Or include them as my dependents?
Responseby Welinton Mota*:
“Regarding pix, deposits, TED transfers, anything that is to a person, does not oblige neither who receives, nor who makes the transfer to declare. What forces income tax is the rules published annually, such as having taxable income above R $ 33,888.00, among other specific conditions.
In the case of donations or transfers to help someone, there is no obligation to declare these values. However, if the person wishes, he can declare as a donation.
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It is worth remembering that, in the state of São Paulo, there is a limit of R $ 88,400.00 (or 2,500 UFESPs) that can be donated to someone within the year, without the incidence of ITCMD (Tax on Transmission Tax causes and donation). The ITCMD rate is 4%, and until that amount, the donation is tax -free and does not need to be declared in income tax.
If the amount exceeds this limit, it will be necessary to consider ITCMD, as the tax may be required, especially if parents are not dependent on income tax.
In short, PIX or transferring amounts does not require declare either the donor or the receiver as dependents. But if the donation exceeds R $ 88,400.00 and their parents are not their dependents, it is important to be aware of ITCMD in the state of São Paulo.
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*Welinton Mota, Tributarian Director of Confirp Accounting, specializes in Planning, Management and Tax Consulting