Gift from NRI to relative IT view on it
This query is : Resolved
Sanjay Dhaduti
(Querist)
15 March 2009
An NRI brother wants to gift his
1. sister
2. Niece ( minor age)
3. brother-in-law
each with Rs. 15 lacs thru an interbank money transfer mode.
How will it be viewed by the Income Tax Authorities of the gains made by
1. sister
2. Niece (minor age)
3. brother-in-law ?
Will it be taxed in the hands of the beneficiaries?
By what rate ?
1. sister
2. Niece ( minor age)
3. brother-in-law
each with Rs. 15 lacs thru an interbank money transfer mode.
How will it be viewed by the Income Tax Authorities of the gains made by
1. sister
2. Niece (minor age)
3. brother-in-law ?
Will it be taxed in the hands of the beneficiaries?
By what rate ?
chetan soni
(Expert)
16 March 2009
Few things to be noted in that case:
01. Money should not be return back to NRI in any mode.
02. Permission under FEMA needs to taken. I thing no need to take any permission if the gift amount does not exceed USD 5K per person p.a.
03. Needs to inform banker for that, and see any compliance needs to be done.
04. Made the gift deed duly signed & registered. Pay appropriate stamp duty.
05. Disclose in the income tax return for the same.
I will advice you to consult to professional for that.
01. Money should not be return back to NRI in any mode.
02. Permission under FEMA needs to taken. I thing no need to take any permission if the gift amount does not exceed USD 5K per person p.a.
03. Needs to inform banker for that, and see any compliance needs to be done.
04. Made the gift deed duly signed & registered. Pay appropriate stamp duty.
05. Disclose in the income tax return for the same.
I will advice you to consult to professional for that.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- MSME disclosure and disallowance
- Taxation of crypto futures in India Fy 2026- 2027
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- EPF ECR NEW RULES Sep 17th 2026
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
