NRI-GIft
This query is : Resolved
06 February 2010
A Person is NRI by status. He want to gift 500000 to his mother(Resident). Will it be taxed if yes how
What ll be the tax implication for mother as well as the one who gives gift
What ll be the tax implication for mother as well as the one who gives gift
M Prabhakar Menon
(Expert)
06 February 2010
Provisions of Sec 56(2)is applicable wef AY 2005-06 gifts are charged to tax in the hands of the receipient under the head "Income from other Sources"
06 February 2010
any gift made to relative of Indi will not be taxed if i am not wrong ?????
Bimal Thacker
(Expert)
06 February 2010
Gift received by mother from his son, any amount, will not be tax in the hand of mother. Relation of mother and son is covered by the defination of relative.
08 February 2010
what will be the taxability of son.tkaing in to consideration that he is NRI
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