Tax implication for gift from resident to a nri relative
This query is : Resolved
TANVEER AHMED
(Querist)
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.
K Srinivas, CMA CS
(Expert)
11 October 2017
Mother will not get any tax liability when she remits the amount to you.
TANVEER AHMED
(Querist)
11 October 2017
I would like to clarify , if I have to pay any tax ?
K Srinivas, CMA CS
(Expert)
12 October 2017
For you, it will be treated as gift from relatives - No income tax liability.
K Srinivas, CMA CS
(Expert)
12 October 2017
Money received by you in overseas currency is not subject to tax and therefore exempt
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