Tax implication for gift from resident to a nri relative
This query is : Resolved
11 October 2017
I am an NRI. My mother is a RESIDENT and has sold her self owned property. Out of the sale proceeds she intends to gift me some money. Further, my mother intends to send this GIFTED MONEY to my OVERSEAS ACCOUNT directly using the Liberalised Remittance Scheme.
While I understand that this transaction is a CURRENT ACCOUNT Transaction under FEMA and is allowed.
I would like to know if there is any TAX LIABILITY on me or my mother in case of this Remittance from her Indian account to my Foreign Account.
While I understand that this transaction is a CURRENT ACCOUNT Transaction under FEMA and is allowed.
I would like to know if there is any TAX LIABILITY on me or my mother in case of this Remittance from her Indian account to my Foreign Account.
11 October 2017
Mother will not get any tax liability when she remits the amount to you.
11 October 2017
I would like to clarify , if I have to pay any tax ?
12 October 2017
For you, it will be treated as gift from relatives - No income tax liability.
12 October 2017
Money received by you in overseas currency is not subject to tax and therefore exempt
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
- Difference between Date of Payment and Date of Deduction?
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Unregistered suppliers utility
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- ITR 4 and Bank transactions
- Bank details not Visible on Traces Portal
- Taxability of Partnership firm for FY 2025-26
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- Cash balance limit and property purchases limit
- EXPORT COMMERCIAL INVOICE HSN CODE
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
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
