The advantages of donating by bank transfer are many. For the transaction to be valid, the reason must be entered.
Il bank transfer it is also used for the transfer of sums of money by way of donation among relatives.
Not to violate the anti-money laundering rules and suffer tax penaltieshowever, it is necessary that the reason for the transfer is indicated correctly.
Let’s find out, therefore, what are the rules to carry out the operation in the right way.
The importance of the causal in the donation transfer
Pursuant to current tax regulations, each transfer of money to a current account must be suitably justified.
In this perspective, to avoid checks and penalties, even if transfers are made between relatives, the causal cannot be omitted. The rule applies regardless of the amount involved in the transaction.
The law does not specify which individual formulas are to be used in the reason for payment. What matters is accuracy. For example, you could enter the following statements: “Gift from dad for my son Luigi’s birthday“, or “Contribution for my nephew Antonio’s trip“. You can also specify the anniversary for which you donate, such as weddings, first communions or baptisms.
When you donate to a relative, you must always specify it. In fact, according to the legislation, the transfer constitutes income and, therefore, it must be declared to the taxman for the purpose of paying taxes. In the event of checks by the Revenue Agency, the reason for the bank transfer is precisely one of the methods of defending oneself.
If, however, the donation has as its object high amountsit is advisable to also take out one registered private deed. Alternatively, you can put a certain date on the document, through the notarized authentication. These are effective measures if you want to prevent the Revenue Agency from considering the donation only as a fictitious method to defraud the tax authorities.
What is the risk of those who fail to indicate the reason?
An incorrectly reported reason can trigger i controls and checks by the financial authorities. If anomalies are found, they can be inflicted financial penalties and, in the most serious cases, criminal penalties.
Only the insertion of a correct reason can give legitimacy to the donation transfer. For this reason, if you notice that you have entered incorrect or inaccurate data on a bank transfer that has already been made, you must contact the bank immediately and ask for a correction. In the event of a successful credit to the beneficiary’s account, the reason for payment can no longer be changed by the bank and will be necessary contact the financial authorities directly.
Before concluding any operation involving the exchange of money, it is advisable to always seek the advice of a lawyer or accountant, to examine your tax situation and understand how to proceed in compliance with current regulations.