Taxation on Gift
This query is : Resolved
14 July 2021
Hello experts, please advise me on following.
My NRI friend wants to gift approximately 35 Lacs to his mother resides in India via registered gift deed and his mother will invest this money in bonds / debentures etc. Than how taxation will be imposed on both transactions ? ( on gift and on interest or maturity benefits on bond etc )
My NRI friend wants to gift approximately 35 Lacs to his mother resides in India via registered gift deed and his mother will invest this money in bonds / debentures etc. Than how taxation will be imposed on both transactions ? ( on gift and on interest or maturity benefits on bond etc )
15 July 2021
Gift from a relative is not taxable. But interest earned from investing the said amount in debentures and bonds becomes taxable.
11 October 2021
Yes, here the gift received by mother from son will be taxfree.
At the same time income will not get clubbed.
I.e. the interest or gains from the FD or bonds etc. will be assessed in the hands of mother at her slab rate. It will not be taxed in the hands of NRI son....
At the same time income will not get clubbed.
I.e. the interest or gains from the FD or bonds etc. will be assessed in the hands of mother at her slab rate. It will not be taxed in the hands of NRI son....
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