Tax on Gift to NRI
This query is : Resolved
22 October 2008
Dear all,
I am remitting an amount of Rs.300,000 to my sister in law in Ireland and quoting the reason as Gift. Is there any liability by me or her as per income tax act. or gift tax act? if so what is the amount?
I am remitting an amount of Rs.300,000 to my sister in law in Ireland and quoting the reason as Gift. Is there any liability by me or her as per income tax act. or gift tax act? if so what is the amount?
22 October 2008
Gift to sister-in-law is a tax free income in the latter's hands u/s 56 of The Income Tax Act, 1961.
In my opinion, the registration charges are the only charges which is to be paid for the transaction in the nature of Gift since Gift Tax Act is abolished.
As regards the remittance of Rs 300,000/- by way of Gift to NRI, relevant provisions of The FEMA Act are also to be observed
In my opinion, the registration charges are the only charges which is to be paid for the transaction in the nature of Gift since Gift Tax Act is abolished.
As regards the remittance of Rs 300,000/- by way of Gift to NRI, relevant provisions of The FEMA Act are also to be observed
22 October 2008
Mr. Shaliesh,do they have to register, as per law,since the gifted property is movable in nature.
S.Srinivasaraghavan
(Expert)
23 October 2008
No need to register, just a letter of gift is sufficient. It is better that the letter is acknowledged for the benefit of the donor's records.
23 October 2008
Dear Sir,
As my sister-in-law lives abroad (even if she were to be some one else i mean if not a relative) how can it be taxed as per indian Income Tax Act? Actually I am sending Rs.12 lacs in 4 transactions to her this week from my personal account with a multi national bank? Is there any implication on me for these transactions?
As my sister-in-law lives abroad (even if she were to be some one else i mean if not a relative) how can it be taxed as per indian Income Tax Act? Actually I am sending Rs.12 lacs in 4 transactions to her this week from my personal account with a multi national bank? Is there any implication on me for these transactions?
R. Soumyanarayanan
(Expert)
24 October 2008
Dear indira madam,
If the donee is not ur relative and if she is a non-resident or a not ordinarily resident, then it is not taxable.
no need to worry.
R.Soumyanarayanan
If the donee is not ur relative and if she is a non-resident or a not ordinarily resident, then it is not taxable.
no need to worry.
R.Soumyanarayanan
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Nursery business
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- 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
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
