Gift by nri son to resident mother or vice versa

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 November 2014 One NRI acquired shares/ platinum/ gold in India during his NRI status. Now he wants to gift these to his mother. whether the transfer of these assets is taxable in his hands and what is the tax liability in his mothers hand.

Please advise

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

24 November 2014 1. Transfer of capital asset by way of GIFT is NOT TAXABLE as per Section 47 of the Income Tax Act.

2. Gifts received from RELATIVES is NOT TAXABLE as per Section 56(2)(vii)

So gift by son to his mother has NO tax implication in the hands of both

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

24 November 2014 gifts to relatives are not taxable..........

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

SHRI HARIRAO

damodara rao tedla

ashvini tripathi

Yash

Choudhary

Subscribe Now

Gift by nri son to resident mother or vice versa

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANCY

CA Final

Senior Executive

GST CONSULTANT

Manager- Finance and Compliance

Accountant