Abstract: A dispensing valve for controlling the flow of a liquid from a container into a receptacle is described. Such valve is designed to terminate liquid flow automatically when the liquid level within the receptacle reaches a predetermined height. It includes a cap to be secured hermetically on the mouth of a liquid container and a stud to project axially from the cap into the interior of such container. At least two passages extend through the stud, one of such passages being a liquid passage for the flow of liquid from the container and the other being an air passage for the flow of air in the container to replace the liquid. A conduit projects outwardly from the cap to have its free end immersed by liquid within the receptacle being filled when the liquid therein reaches the desired height. Such conduit has an air inlet in its free end which communicates with the air passage extending through the stud.