This is how the Tax Agency monitors the money that is given away in communions

May is the month of the first communions, in which a gift must be given to the honored child. But it is not always about objects that make up the obolus. Sometimes it is common for the gift to be simply an amount of cash.

But the Tax Agency considers that a gift in cash is equal to a donation and, therefore, would be subject to Inheritance and Donation Tax.

What is the limit then? This tax is different in each autonomous community, but the Tax Agency only investigates transactions from 3,000 euros or with 500-euro bills.

In any case, the Tax Agency recalls that the current limit for making transfers as a communion gift cannot exceed 6,000 euros, as stated by the Job News portal.

However, if this cash is not deposited in a bank, the transaction is hidden from the tax authorities.. In any case, if the Tax Agency detects a suspicious movement, it can demand the payment of taxes.

In addition, banking entities have the obligation to report bank movements to the Treasury by the Money Laundering Law.